Missouri Governor Mike Parson has officially given final approval to 31 bills from this year’s legislative session by signing off on a variety of legislation ranging from tax relief for senior citizens, tax credits to attract the entertainment industry, extending post-partum coverage, empowering Missourians living with disabilities by preventing the loss of government benefits, removing financial barriers in the adoption process, combatting the opioid epidemic, simplifying our vehicle sales tax, increasing cybersecurity to protect Missourians from stalking, and ensuring Missourians are covered for life-saving exams, while also not being subjected to unauthorized medical exams.

Here’s a look at some of the bills set to become law on Aug. 28, 2023, after having passed through the Missouri General Assembly and receiving Governor Parson’s signature:

SB 190: Tax Relief for Missouri’s Senior Citizens

One of the more notable successes of the 2023 legislative session was the passage and signing of SB 190, a significant tax package created to provide relief to senior citizens and aid them in keeping their homes.

SB 190 will help Missouri’s elderly population by eliminating the state income tax on Social Security benefits, and allowing all seniors, regardless of their adjusted gross income or filing status, to deduct 100% of their social security benefits beginning in 2024.

Until the passage of this new law, Missouri was one of only 11 states in the country that still taxed social security. As consumer goods continue to see rising costs, this new law will allow Missouri’s senior citizens to keep more of their hard-earned dollars in their own pockets, especially those living on fixed incomes. When this law takes effect on August 28, 2023, Missouri will join the other 39 states that have already eliminated the tax on social security.

SB 190 also carries a provision that will help keep our senior citizens in their homes by effectively freezing the property tax on the home of elderly Missourians. Under the language of the new law, eligible taxpayers are residents who:

1) are eligible for Social Security retirement benefits;

2) are the owner of record or have a legal or equitable interest in a homestead; and

3) are liable for the payment of real property taxes on such homestead.

This law will allow counties to adopt an ordinance that authorizes a property tax credit for these eligible senior homeowners, and would in effect ensure seniors do not pay more in property tax on their property than they did for the same property when they became eligible for Social Security.

To utilize this property tax credit, counties will decide whether to grant these credits through an ordinance or public referendum to be approved by the county’s voters. If approved, the county would calculate the credit for eligible seniors, which would be noted on tax bills sent by the county collector.

For most Missourians, their homes are their largest assets, and often, their homes are the result of a lifetime of work, not just in monetary value but also in memories. Our senior citizens have worked hard for their homes, and by freezing their property taxes and implementing this tax credit, we can ensure that our elderly population are not taxed out of their homes after a lifetime of work and paying their taxes.

Please email me with any questions or concerns bruce.sassmann@house.mo.gov or call Jill @ 573-751-6668