HCS HB 636, 308 & 173 -- INCOME TAX CREDIT FOR MILITARY
RETIREMENT BENEFITS (Kraus)

COMMITTEE OF ORIGIN:  Special Committee on Tax Reform

Beginning January 1, 2007, this substitute authorizes an
individual income tax credit equal to the amount of tax that
would be due on the military retirement benefits received by a
taxpayer.  The tax credit is not transferable but is refundable
if the taxpayer's income is equal to 150% or less of the federal
poverty level.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of Less than
$26,331,278 in FY 2008, Less than $27,132,248 in FY 2009, and
Less than $27,933,216 in FY 2010.  No impact on Other State Funds
in FY 2008, FY 2009, and FY 2010.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am