Bill > SB936

This bill reauthorizes a tax deduction for contributions to long-term dignity savings accounts (LDSA) for Missouri taxpayers. Under the bill, individuals can deduct up to $4,000 annually ($8,000 for married couples filing jointly) for contributions to these accounts, which are designed to help individuals with disabilities pay for eligible expenses. The deduction applies to tax years beginning on or after January 1, 2021, and taxpayers must file an affidavit with their income tax return verifying their contributions. Income earned within these accounts will be exempt from state income tax, but if funds are withdrawn and not used for eligible expenses or do not meet specific holding requirements, the distributed amount must be added back to the taxpayer's adjusted gross income. The bill extends the program's authorization until December 31, 2031, after which it will automatically sunset unless the legislature reauthorizes it. The Missouri Department of Revenue is tasked with creating rules to implement these provisions, and the bill includes standard administrative language about rule-making procedures.

Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=76