HB1739

Modifies the Missouri Working Family Tax Credit Act to make the tax credit refundable starting in 2027.

This bill modifies the Missouri Working Family Tax Credit Act by making the tax credit refundable starting from 2027. It allows eligible taxpayers a credit equal to a percentage of the federal earned income tax credit, which can increase up to 20%. The Department of Revenue will notify taxpayers of their potential eligibility and prepare an annual report on the tax credits issued. The tax credits will be refundable starting from 2027, meaning any excess credit not used to offset tax liability will be refunded to the taxpayer.