MO HB787

Allows subtraction of 100% of retirement benefits from non-privately funded sources (such as Social Security) from Missouri state income tax for tax years beginning January 1, 2012 and later, subject to income limits of $100,000 for married filers and $85,000 for single filers.

Adds military retirement benefits as a deductible income item beginning January 1, 2010, phasing in from 15% to 100% deduction over six years, reaching full deduction by January 1, 2016.

Allows deduction of certain one-time lump sum distributions from annuities or retirement plans not exceeding 20% of plan balance, effective only upon federal enactment of a similar deduction.

Requires the Missouri Higher Education Savings Program board to study and offer investment plan options comparable to other states' qualified plans for additional member options.

Exempts mortgage brokers making loans on manufactured or modular homes and brokers in Kansas City and Greater St. Louis metropolitan areas from maintaining a full-service Missouri office, while requiring irrevocable consent to venue in Cole County and allowing the director to assess investigation costs.