Missouri Weighs Tax Breaks for Storm Damage After Getting Hammered by Tornadoes

"This work is too important to leave unfinished."

"The deduction would apply to out-of-pocket insurance deductibles paid by homeowners and renters for damage caused by severe weather events."

In response to severe weather in Missouri this spring, lawmakers are contemplating a bill that would provide income tax deductions for residents who have paid insurance deductibles for storm damage repairs. This initiative follows a disaster declaration and aims to alleviate financial burdens for affected homeowners and renters. Governor Mike Kehoe emphasizes the urgency of this proposal, which would allow deductions of up to $5,000 per disaster annually for eligible taxpayers. Such measures are deemed essential given the rising out-of-pocket costs and increasing natural disasters in the state.

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