SB 870 - Holsman, Jason
Reauthorizes the Missouri Homestead Preservation credit program and modifies certain provisions relating to it
Bill Details
Sponsor
LR Number
5448S.02I
Title
SB 870
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2014
Committee
Current Status
Hearing Conducted S Ways and Means Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 870 - This act reauthorizes the Homestead Preservation Act tax credit program which provided a property tax credit for qualified senior citizens and disabled individuals until it expired on August 28, 2010. This program is reauthorized beginning with the 2015 tax year and will sunset on December 31, 2024.
The act removes the exemption limit amount so that the entire increase in property tax liability for an eligible owner will be covered. The income limit for eligible owners is set at $100,000 for 2015, and will indexed to correlate to increases in the general price level. Homesteads with encumbrances will be ineligible for the tax credit.
This act is similar to HB 1131 (2014), SB 558 (2014), SB 39 (2013), and HB 1200 (2012).
MIKE HAMMANN