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Sunday, July 8, 2007


Gov. Matt Blunt on July 5 signed a bill into law that expands the exemption on Social Security benefits from state income taxes. The bill will gradually be phased in costing the state an estimated $27 million in lost revenue in the first year and $154 million a year once fully effective in 2012.

Under the previous law, individuals with incomes under $25,000 a year and married couples earning less than $32,000 a year – the bulk of Missouri senior citizens – didn’t pay state taxes on Social Security benefits. HB 444 raises the exemption threshold to $85,000 for an individual and $100,000 for couples.

Another part of the bill increases taxes on those who own property in another state by repealing a provision of Missouri’s tax code that allowed people to deduct property taxes paid to another state from their Missouri taxable income. Eliminating the deduction is estimated to bring in $11 million a year for the state.

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