Tax credit nears approval

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Tax credit nears approval

Thu, 10/26/2023 - 16:03
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Senate Bill 190, a bill allowing a personal property tax freeze for those 62 and older, has been a hot topic of discussion for the Clay County Commission. Still confident it will pass, JoAnn Lawson, eastern commissioner at-large, explains it will be done by the end of the year. Senate Bill 190, passed by the Missouri General Assembly and signed by Governor Mike Parson on Aug. 28, under the newly authorized Revised Statute of Missouri, allows counties across the state to implement an ordinance that enables a homestead property tax credit for eligible senior citizen taxpayers of retirement age. According to the latest draft of the ordinance for Clay County, the credit will consist of a limitation tax increase for local governments from property reassessments that occur every odd-numbered year to a 5% maximum, resulting in a countywide impact of less than 1% on revenue growth. Currently, the law allows taxpayers with certain tax filing statuses and adjusted gross income below certain…

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