HB 581 -- Missouri Earned Income Tax Credit Act

Sponsor:  Oxford

This bill establishes the Missouri Earned Income Tax Credit Act
which authorizes, beginning January 1, 2011, an individual income
tax credit equal to 20% of any earned income tax credit claimed
by the taxpayer on his or her federal income tax return.  Any
credit which exceeds the taxpayer's liability in any tax year
must be refunded to the taxpayer.  The Department of Revenue must
notify taxpayers who may qualify for the credit and must contract
with one or more nonprofit groups to contact non-English speaking
individuals, elderly residents, tenants, and very low-income
individuals who do not file tax returns to notify them annually
of this credit.  The department must prepare an annual report
containing the number of credits issued and claimed, the total
amount of revenue expended, and the average value of the credits
issued within certain income ranges.

The provisions of the bill will expire December 31 six years from
the effective date.

Missouri House of Representatives
96th General Assembly, 1st Regular Session
Last Updated August 9, 2011 at 1:22 pm