Jefferson City – Missourians, especially federal retirees and seniors, would receive some much-needed tax relief under legislation filed recently by Representative Jason Grill, D-Parkville. The two tax relief bills filed by Rep. Grill are part of a larger package of legislation covering issues ranging from consumer protection to health care.
One bill offered by Rep. Grill would establish the Federal Retirement Exemption Act. The act would authorize a state individual income tax exemption for federal retirement benefits for taxpayers 62 years of age or older whose annual Missouri taxable income is $85,000 or less.
The second piece of legislation would improve the Missouri Homestead Preservation Act by specifying the meaning of the term "base year” and extending the deadline to file an application from September 30 to October 15. The bill also would require the Director of the Department of Revenue to determine the apportionment percentage by equally distributing it among all eligible applicants.
“With the current state of our economy, many Missourians and our seniors are struggling more than most and need any and all help we can give them. My legislation provides substantive relief to our federal retirees while also making the Homestead Preservation Act more accessible and equitable,” said Rep. Grill. He added, “This needed tax policy reform is something I hope will gain bipartisan support this legislative session.”