HB 1385 -- Income Tax:  Independence Tax Credit Program

Sponsor:  Bray

This bill creates the Independence Tax Credit Program.

The bill authorizes a refundable state individual income tax
credit for purchases of certain assistive technology products,
devices, and equipment and for certain housing modification costs
incurred by an eligible taxpayer or on behalf of an eligible
disabled individual.

The tax credit will be 100% of the cost up to $2,500 per tax year
if the taxpayer's federal adjusted gross income is $30,000 or
less.  The tax credit will be equal to 50% of the cost up to
$2,500 per tax year 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 $3,000.

The tax credit applies to tax year 2003 and thereafter.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:01 am