Modifies provisions relating to the "Missouri Working Family Tax Credit Act", making the tax credit refundable

Summary

The bill changes the state Working Family Tax Credit so that, beginning in tax years starting in 2027, any excess credit is paid back to the taxpayer instead of being lost. It applies to eligible Missouri residents who qualify for the federal Earned Income Tax Credit and sets the credit at 10% of the federal amount, with a possible increase to 20% if state revenue thresholds are met. The Department of Revenue must notify eligible taxpayers who missed the credit and issue an annual report on its use.

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