SB1440

Modifies income tax deduction for contributions to 529 savings accounts in Missouri.

The bill modifies the income tax deduction for contributions to 529 savings accounts in Missouri. It repeals Section 166.435 of RSMo and enacts a new section exempting assets and income from state taxation if used for qualified education expenses. For tax years starting after January 1, 2026, contributions up to $8,000 per taxpayer or $16,000 for married couples filing jointly are eligible for the deduction. The exemption applies only to assets and income used for qualified tuition programs.