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MO HB144
Bill
Status
1/10/2011
Primary Sponsor
Michael Corcoran
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AI Summary
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Allows individuals and entities subject to Missouri income tax to deduct loan payments used to repair flood damage to their premises beginning January 1, 2012
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Limits the deduction to flood damage caused by taxpayer-funded entities (projects and buildings), excluding damage caused by the taxpayer themselves
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Directs the Department of Revenue to establish procedures for claiming the deduction and promulgate implementing rules subject to Chapter 536 review and approval provisions
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Program automatically sunsets December 31, six years after the effective date unless reauthorized by the General Assembly; if reauthorized, sunsets December 31, twelve years after reauthorization
Legislative Description
Authorizes an income tax deduction from a taxpayer's Missouri adjusted gross income for payments made on a loan obtained to repair certain flood damage to the taxpayer's premises
Last Action
Public Hearing Completed (H)
2/24/2011