Loading chat...

MO HB823

Bill

Official Source

Status

Introduced

3/8/2013

Primary Sponsor

Jeanne Kirkton

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Repeals the deduction for federal income tax liability that individual taxpayers could claim against Missouri state income tax, effective January 1, 2015
  • Eliminates the deduction for 50% of federal income tax liability for corporate taxpayers, effective January 1, 2015
  • Previously allowed individual taxpayers to deduct up to $5,000 on single returns or $10,000 on combined returns for federal income tax paid
  • Previously allowed corporate taxpayers to deduct 50% of federal income tax liability with no specified dollar limit
  • Deductions calculated after reducing federal tax liability for all credits except estimated tax payments, overpayments, and specific credits for wages, foreign taxes, and fuel taxes

Legislative Description

Eliminates the state individual and corporate income tax deduction for federal income tax liability beginning January 1, 2015

Last Action

Referred: Ways and Means(H)

5/17/2013

Committee Referrals

Ways And Means5/17/2013

Full Bill Text

No bill text available