MO| Missouri Insurance Bulletin 25-12 explains that, under 2025 Senate Bill 3, Missouri taxpayers who had insured property losses from certain federally requested disasters in 2025 may claim a state income tax credit equal to their insurance deductible, and insurers are asked to help policyholders by providing simple claim details on request so those taxpayers can file for the credit.
Key Points:
- The tax credit equals the deductible paid on an eligible 2025 homeowners, dwelling, or renters claim, capped at 5,000, and may be carried forward up to 29 years (through 2055).
- The loss must result from a disaster for which the Governor requested a Presidential Disaster Declaration, with a date of loss between January 1 and December 31, 2025.
- To support tax filings, insurers are requested, when asked by policyholders, to provide basic claim information such as company name, NAIC numbers, insured names, policy number, property address, date of loss, and deductible amount.
- Insurers do not have to determine whether a claim qualifies for the tax credit and may simply reissue existing claim settlement documentation if it contains all required data.
- Information should be provided in writing (mail or secure electronic delivery), clearly identified as coming from the insurer, and will be used by the Missouri Department of Revenue under normal tax confidentiality rules.