HB1277 Creates an income tax credit for gifts of personal property to persons with an income below the federal poverty level.
Sponsor: Thompson, Betty L. (72) Effective Date:01/01/2001
CoSponsor: LR Number: 2832L.01I
Last Action: COMMITTEE: WAYS AND MEANS
01/25/2000 - Public Hearing Held (H)
HB1277
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1277 Copyright(c)
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Available Bill Text for HB1277
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BILL SUMMARIES

INTRODUCED

HB 1277 -- Income Tax:  Credit for Gifts to the Poor

Sponsor:  Thompson (72)

This bill authorizes a state income tax credit for taxpayers who
make gifts of personal property to persons whose income is below
the federal poverty level.

The tax credit for each gift by a taxpayer is limited to $10,000
per occurrence and is limited to a maximum of $50,000 per tax
year.  The credit is not refundable but excesses may be carried
over to the next 4 succeeding tax years.

The Department of Social Services will provide a method for
identifying persons whose incomes are below federal poverty
level and verifying the credit amount.


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