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MO SB449

Bill

Official Source

Status

Introduced

2/28/2013

Primary Sponsor

Gary Romine

Click for details

Origin

Senate

2013 Regular Session

AI Summary

  • Creates a new deduction from Missouri adjusted gross income for individual taxpayers based on business income earned in the regular course of trade or business
  • Phases in the deduction over five years: 10% for 2014, 20% for 2015, 30% for 2016, 40% for 2017, and 50% for 2018 and beyond
  • Excludes employee compensation and amounts not withdrawn from the business entity from the definition of deductible business income
  • Allows shareholders of small corporations and partners in partnerships to claim a proportionate share of the deduction based on their ownership percentage on the last day of the tax period

Legislative Description

Creates and phased in personal income deduction for business income

Last Action

Hearing Conducted S Ways and Means Committee

3/28/2013

Committee Referrals

Ways And Means And Fiscal Oversight3/13/2013

Full Bill Text

No bill text available