|HB 0445||Elderly Dependent Exemption; Private Pension Exemption|
|Sponsor:||SCHEVE||Handling House Bill:||WIGGINS|
|Last Action:||05/15/95 - S Inf Calendar H Bills for Third Reading w/SS#2,&SSA1/SA 8(pend.)|
|Effective Date:||August 28, 1995|
HS/HB 445 - This act provides an additional $1,600 dependency exemption for dependents 65 years of age or older not residing in a facility qualified to receive state or federal funding.
This act also provides a income tax exemption for private pensions. By the 1999 tax year, the first $6,000 of privately funded pensions shall be exempt from state income taxes. This exemption will be phased in by allowing a $2,000 exemption in the 1997 tax year and a $4,000 exemption in the 1998 tax year.
This act is similar to SB 311 & 334 for the elderly
dependency exemption and SB 77 for the private pension exemption.
ADOPTED AMENDMENTS TO SS #2 (PENDING)
SA 1 - REQUIRES THE INTEREST EARNED ON THE MOTOR FUEL TAX FUND AND THE HIGHWAYS AND TRANSPORTATION DEPARTMENT FUND TO BE CREDITED TO THOSE FUNDS. A PORTION OF THE INTEREST SHALL BE USED TO FUND COUNTY AID ROAD TRUST FUND AUDITS. SA 3 - ALLOWS ST. LOUIS COUNTY TO IMPLEMENT ASSESSMENT UPON OCCUPANCY IF THE CITY COUNCIL CHOOSES. PROVIDES THAT THE POLITICAL SUBDIVISIONS SHALL FOREGO AN AMOUNT UP TO 10% OF THE AMOUNT OF TAXES COLLECTED ON NEWLY CONSTRUCTED RESIDENTIAL PROPERTY TO PAY FOR ASSESSMENT COSTS. (SB 134) SA 4 - INCREASES DEPENDENCY DEDUCTION FROM $400 TO $800. SA 5 - DECREASES ELDERLY DEPENDENCY DEDUCTION FROM AN ADDITIONAL $1600 TO AN ADDITIONAL $1200, TOTAL SHOULD REMAIN $2000. SSA #1/SA 6 - SHIFTS ULTIMATE BURDEN OF PROOF TO THE TAXING AUTHORITY. SA 7 - RAISES AGE FOR ELDERLY DEPENDENCY DEDUCTION FROM 65 TO 80.