SB 863 Allows married taxpayers filing joint returns to deduct a portion of contributions to the Missouri Higher Education Savings Program from income and provides similar tax treatment for other qualified tuition savings programs
Sponsor: Rupp
LR Number: 3514L.02T Fiscal Note: 3514-02
Committee: Ways & Means
Last Action: 7/10/2008 - Signed by Governor Journal Page:
Title: HCS SB 863 Calendar Position:
Effective Date: August 28, 2008
House Handler: Muschany

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Current Bill Summary


HCS/SB 863 - Currently, a participant taxpayer may deduct up to eight thousand dollars of annual contributions to the Missouri Higher Education Savings Program from income to determine Missouri adjusted gross income. This act modifies the deduction provision to allow married taxpayers filing a joint tax return to deduct up to sixteen thousand dollars of annual contributions from income and allows similar tax treatment for other qualified tuition savings programs established under the provisions of Section 529 of the Internal Revenue Code.

This act is similar to Senate Bill 224 (2007) and HB 2226 (2008).

JASON ZAMKUS