HB2116

HB2116 modifies Missouri tax law to exempt certain education savings program assets and income from state taxation.

HB2116 repeals and replaces Section 166.435 of the Revised Statutes of Missouri to exempt assets and income from qualified tuition programs from state taxation. This includes assets held by the board, deposit programs, and programs established under Section 529 of the Internal Revenue Code. Contributions and income from these programs are exempt from state taxation, and up to $8,000 per taxpayer or $16,000 for married couples filing jointly can be subtracted from Missouri adjusted gross income.