SB 562 - This act would allow a taxpayer who is the owner of a motor vehicle to claim a credit against the taxpayer's state tax liability in the amount of the personal property tax paid on the vehicle. Beginning in 2002, the credit is available for individuals with Missouri adjusted gross income of $25,000 or less. The credit is then phased in to include: in 2003, individuals earning $37,500 or less; in 2004, individuals earning $50,000 or less; and, in 2005 and thereafter, all individual taxpayers regardless of income. The credit is also available for married couples filing a joint return, with the qualifying income amounts being double that shown for individuals. If the amount of the credit exceeds a taxpayer's tax liability in any one year, the excess is refunded to the taxpayer.
ALAN KELLY