Bill > SB1091

This bill establishes the Missouri Child Tax Credit Act, which will provide a refundable tax credit for qualifying parents or guardians beginning in tax year 2027. The credit applies to children under 18 who are claimed as dependents and live with the taxpayer for more than half the year, with different credit amounts based on the child's age: $7,200 annually for children under 7 years old, and $3,600 for children 7-17 years old. Eligible taxpayers must be Missouri residents with adjusted gross income at or below $75,000 for single filers or $150,000 for married couples filing jointly. The bill allows for monthly advance payments, where taxpayers can receive $600 per month for children under 7 and $300 per month for children 7-17. Taxpayers can claim up to six tax credits per year, and the credits cannot be transferred or carried forward to subsequent years. The Department of Revenue will administer the program, assess income thresholds annually for inflation, and prepare an annual report on the program's effectiveness. The tax credit program is set to automatically sunset after six years unless reauthorized by the state legislature, and the credit is designed to be in addition to federal child tax credits without impacting other state or federal benefits.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=565