Missouri HB2672 establishes a personal property tax credit for disabled veterans with a disability rating of 70% or higher.
Missouri HB2672, known as the "Missouri Disabled Veterans Personal Property Tax Credit Act," allows counties to adopt a personal property tax credit for disabled veterans who own up to two motor vehicles. The credit is equal to the veteran's disability rating percentage, up to 100%. This credit reduces the veteran's tax liability for each qualified vehicle, but does not affect the assessed valuation or tax base. The credit is not refundable and cannot be carried forward to subsequent tax years.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.