135.030. Formula for determining credits--table to be prepared by director of revenue--taxpayer not applying for credit to be notified of eligibility. - Missouri Statutes

Formula for determining credits--table to be prepared by director ofrevenue--taxpayer not applying for credit to be notified ofeligibility.

135.030. 1. As used in this section:

(1) The term "maximum upper limit" shall, for each calendar yearafter December 31, 1997, but before calendar year 2008, be the sum oftwenty-five thousand dollars. For all calendar years beginning on or afterJanuary 1, 2008, the maximum upper limit shall be the sum of twenty-seventhousand five hundred dollars. In the case of a homestead owned andoccupied for the entire year by the claimant, the maximum upper limit shallbe the sum of thirty thousand dollars;

(2) The term "minimum base" shall, for each calendar year afterDecember 31, 1997, but before calendar year 2008, be the sum of thirteenthousand dollars. For all calendar years beginning on or after January 1,2008, the minimum base shall be the sum of fourteen thousand three hundreddollars.

2. If the income on a return is equal to or less than the maximumupper limit for the calendar year for which the return is filed, theproperty tax credit shall be determined from a table of credits based uponthe amount by which the total property tax described in section 135.025exceeds the percent of income in the following list:If the income on the return is: The percent is:Not over the minimum base 0 percent with credit not

to exceed $1,100 in actual property tax or

rent equivalent paid up to $750Over the minimum base but 1/16 percent accumulativenot over the maximum upper per $300 from 0 percentlimit to 4 percent.

The director of revenue shall prescribe a table based upon the precedingsentences. The property tax shall be in increments of twenty-five dollarsand the income in increments of three hundred dollars. The credit shall bethe amount rounded to the nearest whole dollar computed on the basis of theproperty tax and income at the midpoints of each increment. As used inthis subsection, the term "accumulative" means an increase by continuous orrepeated application of the percent to the income increment at each threehundred dollar level.

3. Notwithstanding subsection 4 of section 32.057, RSMo, thedepartment of revenue or any duly authorized employee or agent shalldetermine whether any taxpayer filing a report or return with thedepartment of revenue who has not applied for the credit allowed pursuantto section 135.020 may qualify for the credit, and shall notify anyqualified claimant of the claimant's potential eligibility, where thedepartment determines such potential eligibility exists.

(L. 1973 H.B. 149, et al. § 5, A.L. 1975 H.B. 121, et al., A.L. 1977 S.B. 387, et al., A.L. 1979 S.B. 247, et al., A.L. 1983 S.B. 47 & 29, A.L. 1985 S.B. 69, A.L. 1986 S.B. 751, A.L. 1988 S.B. 555, A.L. 1998 S.B. 675, et al. , A.L. 2007 S.B. 30, A.L. 2008 S.B. 711)