SENATE BILL NO. 597
91ST GENERAL ASSEMBLY
INTRODUCED BY SENATOR SINGLETON.
Read 1st time February 28, 2001, and 1,000 copies ordered printed.
TERRY L. SPIELER, Secretary.
2168S.01I
AN ACT
To repeal section 135.095, RSMo 2000, relating to prescription drug tax credits, and to enact in lieu thereof one new section relating to the same subject.
Section A. Section 135.095, RSMo 2000, is repealed and one new section enacted in lieu thereof, to be known as section 135.095, to read as follows:
135.095. For all tax years beginning on or after January 1, 1999, but before January 1, 2005, a resident individual who has attained sixty-five years of age on or before the last day of the tax year shall be allowed, for the purpose of offsetting the cost of legend drugs, a maximum credit against the tax otherwise due pursuant to chapter 143, RSMo, not including sections 143.191 to 143.265, RSMo, of two hundred dollars. An individual must apply for his or her own credit. An individual shall be entitled to the maximum credit allowed by this section if the individual has a Missouri adjusted gross income of fifteen thousand dollars or less; provided that, no individual who receives full reimbursement for the cost of legend drugs from Medicare or Medicaid, or who is a resident of a local, state or federally funded facility shall qualify for the credit allowed pursuant to this section. If an individual's Missouri adjusted gross income is greater than fifteen thousand dollars, such individual shall be entitled to a credit equal to the greater of zero or the maximum credit allowed by this section reduced by two dollars for every hundred dollars such individual's income exceeds fifteen thousand dollars. The credit shall be claimed as prescribed by the director of the department of revenue, however, the claim must be accompanied by proof of an individual's pharmaceutical expenses, as provided by the individual's pharmacist. Such proof of expense must include the claimant's name, a list of each legend drug filled by the pharmacist for the calendar year during which the credit is claimed, and the cost of such legend drugs less any insurance coverage or reimbursement. Such credit shall be considered an overpayment of tax and shall be refundable even if the amount of the credit exceeds an individual's tax liability.