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MO HB2226
Bill
Status
3/31/2014
Primary Sponsor
Gary Cross
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AI Summary
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Repeals and replaces section 143.171 of Missouri law regarding federal income tax deductions for individual and corporate taxpayers
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Limits individual taxpayer deduction for federal income tax liability to $5,000 on single returns or $10,000 on combined returns for tax years ending on or before December 31, 2014
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Increases individual taxpayer deduction limits to $10,000 on single returns or $20,000 on combined returns for tax years beginning on or after January 1, 2015
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Maintains corporate taxpayer deduction at 50 percent of federal income tax liability with no specified dollar limit
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Excludes certain federal tax credits from the deduction calculation, including overpayment credits, wage withholding credits, foreign tax credits, and fuel use tax credits
Legislative Description
Increases, beginning January 1, 2015, the income tax deduction for federal income tax liability to $10,000 for an individual and $20,000 for taxpayers filing combined returns
Last Action
Public Hearing Completed (H)
4/15/2014