SB 513 Creates an income tax credit based on the number of taxpayer's dependent children
Sponsor: Lamping Co-Sponsor(s)
LR Number: 4337S.01I Fiscal Note available
Committee: Ways and Means
Last Action: 4/3/2014 - Voted Do Pass S Ways and Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2014

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Current Bill Summary

SB 513 - This act creates an income tax credit of $400 per child for individuals able to claim a dependency deduction for a qualifying child on their federal income taxes. Individuals with a Missouri adjusted gross income over $46,100 and married couples with a combined Missouri adjusted gross income over $92,200 are ineligible for the credit. The tax credit is nonrefundable, nontransferable, and cannot be carried back or forward.