SS/SCS/SB 666 - This act creates a refundable income tax credit for residential real property owners in an amount equal to 0.75% of the assessed value of the residential real property they own. The tax payer must own the property on January 1, 2014 to be eligible for the credit. The tax payer must be a resident of this state and the property must be located in Missouri to be eligible for the tax credit. The tax credit is only available for tax years beginning in 2014.
Taxpayers claiming the tax credit must submit to the Department of Revenue a copy of their 2014 property tax statement for the property on which they claiming the credit. The property tax statement must bear the names of the persons seeking the tax credit. The taxpayer must also submit a copy of the receipt showing the property taxes have been paid on the property.
Each parcel of residential real property may only qualify for one tax credit. Persons jointly owning property will qualify for a tax credit in proportion to their ownership interest in the property.