Bill Freezes Property Taxes For Seniors

A bill awaiting the signature of Gov. Mike Parson would cut Social Security taxes and could freeze property taxes for Missouri’s senior citizens.

Senate Bill 190 was approved by the state legislature on May 8.

According to a press release, the bill would cut $330 million in income taxes paid seniors and disabled citizens.

Rep. Ron Copeland (R-Salem) addressed Crawford County commissioners on the bill when he stopped in June 6.

While the idea is “good,” Copeland is concerned the bill didn’t consider “meat and potatoes” issues like whether the property tax portion could affect school funding. 

“it’s a good thought process,” Copeland said. “We’ll see if (Parson) signs it and how the schools will be assessed.”

SB 190 would authorize a county to grant a property tax credit to eligible residents that would cover their tax liability for the year.

The law would take effect for the 2024 tax year.

The amount of the credit will be noted on the tax statement sent by the county collector.

It is not mandatory that a county commission authorize the tax credit, but voters can petition for it and put it on the ballot.

SSI 

Current law allows taxpayers with certain filing status and adjusted gross income below certain thresholds to deduct 100 percent of certain retirement and Social Security benefits.

Beginning in 2024, SB 190 would allow the maximum deduction to all taxpayers regardless of filing status or adjusted gross income.