SB 366 Modifies the provisions of the Missouri higher education savings program
Sponsor: Schmitt
LR Number: 1887S.05T Fiscal Notes
Committee: Education
Last Action: 7/14/2015 - Signed by Governor Journal Page: S1759
Title: SS SB 366 Calendar Position:
Effective Date: August 28, 2015
House Handler: Alferman

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Current Bill Summary

SS/SB 366 - The act exempts from state income taxation refunds of qualified higher education expenses received by beneficiaries in connection with withdrawal from an eligible education institution when the refund is contributed to a qualified tuition savings program within 60 days of withdrawal.

Furthermore, the act permits participants in the MOST program to elect to contribute all or part of their income tax refund to his or her MOST account via direct deposit. Such election must be made on a form provided by the Department of Revenue and may not be revoked. This provision is substantially similar to SB 420 (2015).