SB 567 - This act modifies the Senior Citizens Property Tax Credit for claimants who are claiming the credit as a resident citizen of at least 65 years of age by reducing the maximum allowed credit from $1,100 to $750 for homeowners and from $750 to $450 for renters. (Section 135.025)
This act also reduces the maximum income threshold for claimants who are claiming the credit as a resident citizen of at least 65 years of age to 100% of federal poverty level, and reduces the minimum base for such applicants from $14,300 to $5,000. (Section 135.030)
The definition of "claimant" is also modified to exclude from eligibility a taxpayer who is receiving federal or state housing assistance and a taxpayer who lives in a skilled nursing facility.
The definition of "rent constituting property taxes accrued" is modified for claimants who are claiming the credit as a resident citizen of at least 65 years of age by reducing the amount from 20% of gross rent paid to 8% of gross rent paid. (Section 135.010)
This act also requires the Director of the Department of Revenue to calculate the amount of tax credits claimed under the Senior Citizens Property Tax Credit during calendar year 2016 as such program existed on January 1, 2018, and subtract from such amount the amount of tax credits which would have been claimed in such year under the provisions of this act. Such difference shall annually be deposited in the Missouri Senior Services Protection Fund. By July 1, 2018, the Treasurer shall also perform a one-time transfer into the Missouri Senior Services Protection Fund of $2 million from the Nursing Facility Quality of Care Fund, $1.5 million from the Healthy Families Trust Fund, $1 million from the Life Sciences Research Trust Fund, and $1 million from the Missouri Public Health Services Trust Fund. (Section 208.1050)
The Department of Social Services shall expend the funds appropriated by section 11.470 of CCS/SCS/HCS/HB 11 (2017) to increase the MO HealthNet fee-for-service reimbursement rate to nursing homes by June 30, 2018. (Section 1)
This act contains an emergency clause.