MO HB1254

Establishes a tax amnesty program from August 1, 2014, to October 31, 2014, waiving penalties, additions to tax, and interest on unpaid taxes due on or before December 31, 2013, if taxes are paid in full by October 31, 2014.

Amnesty excludes taxpayers involved in criminal investigations or civil/criminal litigation related to tax nonpayment, delinquency, or fraud, and requires taxpayers to file returns and comply with state tax laws for eight years following the amnesty agreement.

Participating taxpayers must waive all administrative and judicial rights of appeal, and any failure to comply with state tax laws during the eight-year period results in immediate reactivation of waived penalties, additions, and interest.

Allows eligible small businesses (sole proprietorships, partnerships, S-corporations, LLCs, LLPs with net income not exceeding $100,000) and eligible C-corporations (net income not exceeding $500,000) to subtract 50% of business income from federal adjusted gross income for Missouri tax purposes beginning January 1, 2014.

Section 32.383 is declared an emergency measure and takes effect immediately upon passage and approval; the amnesty provision expires December 31, 2021.