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MO HB917
Bill
Status
3/27/2013
Primary Sponsor
Eric Burlison
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AI Summary
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Adds a new capital gains deduction allowing taxpayers to subtract one-half of capital gains included in federal adjusted gross income from Missouri adjusted gross income, effective for tax years beginning January 1, 2013
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Excludes capital gains already subtracted under existing provisions for property with higher adjusted basis as of December 31, 1972, or gains specified in section 135.357
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Modifies section 143.121, RSMo, which defines Missouri adjusted gross income and establishes modifications to federal adjusted gross income
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Does not apply to capital gains that have already received other deductions or subtractions under Missouri tax law
Legislative Description
Allows a deduction for one-half of the capital gains included in the taxpayer's federal adjusted gross income unless already deducted from the Missouri adjusted gross income under specified tax provisions
Last Action
Public Hearing Completed (H)
4/16/2013