MO SB407

Individual taxpayers for tax years 1994-2013 may deduct up to $5,000 (single) or $10,000 (combined) of federal income tax liability on Missouri returns, excluding federal estimated tax payments, overpayments, and specific tax credits.

Beginning January 1, 2014, individual taxpayers may deduct all federal income tax liability with no dollar cap, after reduction for credits (excluding federal estimated tax, overpayments, and specified credits).

Corporate taxpayers beginning September 1, 1993 may deduct 50 percent of their federal income tax liability under the same credit exclusions as individuals.

Taxpayers may deduct previously unpaid federal income tax liabilities from prior years in later years to the extent they would have been deductible in the original year.