SB 0014

Authorizes state income tax credit for prescription drugs purchased by income-qualified senior citizens

Sponsor:	Mathewson
LR Number:	L0524.13T	Fiscal Note:	0524-13
Committee:	Ways and Means
Last Action:	07/08/99 - Signed by Governor		Journal page:
Title:	CCS HS HCS SS SCS SBs 14, 60 & 69
Effective Date:	August 28, 1999

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CCS/HS/HCS/SS/SCS/SBs 14, 60 & 69 - This act authorizes, for 1999 through 2004, a state income tax credit of up to two hundred dollars for amounts spent by senior citizens on prescription drugs. The credit is refundable and the maximum amount may be taken by taxpayers sixty-five years and older whose Missouri adjusted gross income is fifteen thousand dollars or less. Eligible taxpayers with incomes above that level are allowed the credit, reduced by two dollars for every hundred dollars the taxpayer's income exceeds fifteen thousand dollars. Individuals who receive full reimbursement for the cost of prescription drugs from Medicare or Medicaid, or who are residents of a local, state or federally funded facility, are ineligible for the credit.
RUSS HEMBREE