SB 25 - This act creates an income tax credit for individuals able to claim a dependency deduction for a qualifying child on their federal income taxes. The amount of the tax credit depends on the taxpayer's filing status and Missouri adjusted gross income. The maximum amount is $300 per child. The tax credit is nonrefundable, nontransferable, and cannot be carried back or forward.
This act is similar in concept to SB 513 (2014).