Bill > SB1001

This bill, titled the "American Dream Tax Deduction" and "American Dream Act," aims to promote homeownership in Missouri by creating new provisions for savings accounts and regulating institutional ownership of single-family homes. The "American Dream Tax Deduction" allows individuals to deduct contributions made to an "American dream savings account" (an account designated for down payments and closing costs for a primary residence in Missouri) from their Missouri adjusted gross income, with annual limits of $5,000 for individuals and $10,000 for married couples filing jointly, and a lifetime maximum of $30,000 per account. Income earned within these savings accounts is also tax-exempt, provided the funds are used for eligible expenses or held for the required duration, otherwise, distributed funds may be subject to recapture and penalties. The "American Dream Act" addresses concerns about institutional investors buying up single-family homes by limiting any "institutional buyer" (defined as an entity owning over fifty single-family residential properties nationwide and engaged in acquiring them for profit) to owning no more than one hundred single-family residential properties within Missouri, and requiring these entities to report their holdings and ultimate beneficial owners annually to the Secretary of State, with penalties for non-compliance. The bill also clarifies that these regulations do not affect financial institutions involved in lending or mortgages.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=360