The Missouri Department of Commerce & Insurance published a bulletin informing insurers that they are required to provide information on tax credits if requested by their insureds.
Included in the enactment of Senate Bill 3 is a provision allowing Missouri taxpayers to receive a tax credit on eligible property insurance claims. The loss must have been caused by a disaster where Missouri Governor Mike Kehoe requested a Presidential Disaster Declaration, and the loss must have occurred between January 1, 2025, and December 31, 2025. Policyholders must submit required information about their claim to the Missouri Department of Revenue to claim the tax credit.
The tax credit reimburses the deductible incurred by the insured, up to $5,000. While the credit only applies to losses occurring during 2025, it can carried forward and used until 2055, until the full $5,000 is redeemed.
The Department asks that insurers provide the required information to policyholders when requested so that they may be able to claim the tax credit. Homeowners, dwelling, and renters insurers and asked to provide the following information:
- The name of the insurance company
- The NAIC number of the company
- Policyholder’s name
- Policy number
- Address of the insured property
- Date of loss
- Deductible amount
Insurers should provide the information in writing and can deliver the documents via mail, email, or other electronic means. Insurers are not required to verify whether the claim qualifies for the tax credit.
The bulletin can be found here.