SB920 - Adjusts the exemption amount allowed for each dependent based on the Consumer Price Index

SB 920

Adjusts the exemption amount allowed for each dependent based on the Consumer Price Index

Sponsor:	Schmitt	Co-Sponsor(s)
LR Number:	5757S.01I	Fiscal Notes
Committee:	Ways and Means
Last Action:	5/13/2016 - Informal Calendar S Bills for Perfection--SB 920-Schmitt and Kraus	Journal Page:

Title:		Calendar Position:
Effective Date:	August 28, 2016

List of 2016 Senate Bills

Current Bill Summary

SB 920 - Under this act, the amount a taxpayer may deduct from their Missouri taxable income for each dependent will automatically increase according to the Consumer Price Index. Each year, a taxpayer may deduct from their Missouri taxable income, $1,200 plus an additional amount equal to $1,200 multiplied by the percentage by which the Consumer Price Index for that year exceeds the Consumer Price Index for the 2016 calendar year.

DOMENIC SITA