Authorizes the "Missouri No Tax on Car Loan Interest Tax Credit", relating to a tax credit for certain new motor vehicle loan interest payments

Summary

The bill would let Missouri residents who buy a new car, SUV, truck, van or motorcycle assembled in the state claim a credit against their state income tax for up to $10,000 of interest paid on the vehicle loan. The credit is reduced for taxpayers with adjusted gross income over $100,000 (or $200,000 for joint returns) and cannot be carried forward, sold, or transferred. The program would run for four years and then expire.

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