Section 135.095

Title X TAXATION AND REVENUE

Chapter 135

Effective - 05 Oct 2001, 2 histories, see footnote   (history) 

  135.095.  Maximum amount, qualifications, phase-out of credit based on income, expiration date. — For all tax years beginning on or after January 1, 1999, but before December 31, 2001, a resident individual who has attained sixty-five years of age on or before the last day of the tax year shall be allowed, for the purpose of offsetting the cost of legend drugs, a maximum credit against the tax otherwise due pursuant to chapter 143, RSMo, not including sections 143.191 to 143.265, RSMo, of two hundred dollars. An individual shall be entitled to the maximum credit allowed by this section if the individual has a Missouri adjusted gross income of fifteen thousand dollars or less; provided that, no individual who receives full reimbursement for the cost of legend drugs from Medicare or Medicaid, or who is a resident of a local, state or federally funded facility shall qualify for the credit allowed pursuant to this section. If an individual's Missouri adjusted gross income is greater than fifteen thousand dollars, such individual shall be entitled to a credit equal to the greater of zero or the maximum credit allowed by this section reduced by two dollars for every hundred dollars such individual's income exceeds fifteen thousand dollars. The credit shall be claimed as prescribed by the director of the department of revenue. Such credit shall be considered an overpayment of tax and shall be refundable even if the amount of the credit exceeds an individual's tax liability.

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(L. 1999 S.B. 14, et al. § 1, A.L. 2001 1st Ex. Sess. H.B. 3 mergedwith S.B. 4, et al.)

Effective 10-5-01