FIRST REGULAR SESSION
[P E R F E C T E D]
SENATE SUBSTITUTE FOR
SENATE COMMITTEE SUBSTITUTE FOR
SENATE BILLS NOS. 14,
60 & 69
90TH GENERAL ASSEMBLY
INTRODUCED BY SENATORS MATHEWSON, BENTLEY AND STEELMAN.
Offered February 23, 1999.
Senate Substitute adopted, February 25, 1999.
Taken up for Perfection February 25, 1999. Bill declared Perfected and Ordered Printed, as amended.
TERRY L. SPIELER, Secretary.
S0524.03P
AN ACT
To amend chapter 135, RSMo, by adding thereto one new section relating to tax relief for senior citizens.
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.760, to read as follows:
135.760. 1. For all taxable years beginning on or after January 1, 1999, an individual taxpayer who is sixty-five years of age or older, during any part of the calendar year for which the tax return is being filed, shall be allowed a credit against his or her state income tax liability pursuant to chapter 143, RSMo, equal to fifty percent of the net amount spent on purchasing prescription drugs during the calendar year for which the tax return is being filed, with the net amount being determined by taking the total amount spent of purchasing prescription drugs during the calendar year for which the tax return is being filed less any reimbursement from other sources and less an amount equal to one percent of the taxpayer's Missouri adjusted gross income for that taxable year. If the amount allowable as a credit exceeds the income tax reduced by other credits, then the excess shall be considered an overpayment of tax.
2. The credit authorized in subsection 1 of this section shall be allowed only if the taxpayer's filing status is single, head of household or qualifying widow or widower and the taxpayer's Missouri adjusted gross income is less than forty thousand dollars, or if the taxpayer's filing status is married filing combined and their combined Missouri adjusted gross income is less than fifty thousand dollars, or if the taxpayer's filing status is married filing separately and the taxpayer's Missouri adjusted gross income is less than twenty-five thousand dollars.