Missouri HB2705 modifies tax provisions for contributions to qualified tuition programs.

Missouri HB2705 modifies tax provisions for contributions to qualified tuition programs. It exempts assets and income of these programs from state taxation if used for qualified education expenses. Contributions up to $8,000 for single filers and $16,000 for joint filers can be subtracted from Missouri adjusted gross income. The bill repeals and replaces Section 166.435, RSMo, with new provisions effective for tax years beginning on or after January 1, 2004.

Missouri HB2705 modifies tax provisions for contributions to qualified tuition programs.

Missouri HB2705 modifies tax provisions for contributions to qualified tuition programs. It exempts assets and income of these programs from state taxation if used for qualified education expenses. Contributions up to $8,000 for single filers and $16,000 for joint filers can be subtracted from Missouri adjusted gross income. The bill repeals and replaces Section 166.435, RSMo, with new provisions effective for tax years beginning on or after January 1, 2004.