SB 565 - For all tax years beginning on or after January 1, 2024, this act creates a refundable tax credit for a taxpayer's eligible education expenses incurred for educating a qualified student at a qualified school, as such terms are defined in the act, provided that the school is not located in the student's district of residence. For taxpayers with a property tax liability, defined as property taxes attributable to the qualified student's district of residence, of $2,000 or less, the amount of the tax credit shall equal one hundred percent of the eligible education expenses minus $2,000. For taxpayers with a property tax liability in excess of $2,000, the amount of the tax credit shall equal one hundred percent of the eligible education expenses minus the taxpayer's property tax liability, or zero, whichever is greater. No tax credit authorized by the act shall exceed $6,500. In addition to the tax credit authorized by the act, a taxpayer receiving such tax credit shall be entitled to a refund of the taxpayer's property tax liability. To claim such refund, the taxpayer shall make full payment of all property taxes owed before the delinquency date, and shall file with the collector a written statement notifying the collector that the taxpayer intends to apply for the tax credit authorized by the act. Upon receiving such payment and written statement, the collector shall impound in a separate fund the amount of the taxpayer's property tax liability. The taxpayer shall, by May first, remit to the collector a statement evidencing the amount of the tax credit received from the Department of Revenue, at which time the collector shall issue the refund. If the taxpayer fails to remit such statement by May first, the collector shall release the impounded property tax liability and disburse such funds to the qualified student's district of residence. For taxpayers with a property tax liability of $2,000 or less, the taxpayer's refund shall equal $2,000. For taxpayers with a property tax liability greater than $2,000, the taxpayer's refund shall equal the amount of the taxpayer's property tax liability. No taxpayer shall receive a combined property tax refund and education expenses tax credit that exceeds $8,500. A taxpayer shall not be eligible for tax relief under the provisions of this act if the taxpayer is already a participant in the Missouri Empowerment Scholarship Accounts Program for the same qualified student. Before issuing a statement of tax credit, the Department of Revenue shall verify with the State Treasurer that the taxpayer is not a participant in and does not have a pending application for the Missouri Empowerment Scholarship Accounts Program for the same qualified student. OLIVIA SHANNON