MO HB1617

Repeals the deduction for federal income tax liability for individual taxpayers beginning January 1, 2013 (previously allowed up to $5,000 on single returns or $10,000 on combined returns).

Eliminates the 50 percent deduction of federal income tax liability for corporate taxpayers beginning January 1, 2013.

Allows certain federal tax credits (such as tax withheld on wages and foreign country taxes) to be excluded from the deduction calculation through December 31, 2012.

Permits taxpayers to deduct previously unpaid federal income tax liabilities in later years if the tax would have qualified for deduction in the original tax year.