HB 643 -- Income Tax:  Independence Tax Credit Program

Sponsor:  Bray

This bill creates the Independence Tax Credit Program.

The bill authorizes a state individual income tax credit for
purchases of certain assistive technology products, devices, and
equipment by any taxpayer who purchases the equipment on behalf
of an eligible disabled individual.

The tax credit will be equal to 100% of the cost of the
assistive technology products, devices, and equipment if the
taxpayer's federal adjusted gross income is $30,000 or less.
The tax credit will be equal to 50% of the cost if the
taxpayer's federal adjusted gross income is greater than $30,000
but less than $60,000.  The maximum credit for any one taxpayer
cannot exceed $2,500.

The tax credit applies to tax year 2001 and thereafter.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:03 pm