HB 910 -- Income Tax:  Pharmaceutical Tax Credit

Co-Sponsors:  Kelley (47), Portwood

This bill changes the requirements for the individual income tax
credit for pharmaceutical costs.

The bill requires any Social Security income received by a
taxpayer to be included in the income requirement for the
credit.  Under current law, Missouri adjusted gross income is
used to determine eligibility and does not include social
security benefits at low income levels.

The bill also requires the taxpayer to submit documentation that
the taxpayer actually incurred pharmaceutical costs during the
tax year.  Current law does not require proof of expenditure.
The maximum amount of the credit will remain at $200 per year
per taxpayer but will only be equal to the amount of actual
pharmaceutical costs incurred by the taxpayer.

These changes will apply to tax year 2001 and thereafter.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:04 pm