HB 1253 -- Income Tax:  Credit for Certain Gifts

Sponsor:  Thompson

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 to $50,000 per tax year.  The credit is not
refundable but excesses may be carried over to the next four
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.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:00 am