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MO SB806
Bill
Status
1/30/2014
Primary Sponsor
Paul LeVota
Click for details
AI Summary
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Repeals sections 143.106, 143.111, 143.151, and 143.171 of Missouri Revised Statutes and enacts three new sections relating to income taxes
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Eliminates the federal income tax deduction for individual and corporate taxpayers for tax years beginning on or after January 1, 2015
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Increases the personal exemption deduction for individual residents from $2,100 to $21,100 for themselves and from $2,100 to $21,100 for their spouses, effective for tax years beginning on or after January 1, 2015
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Maintains the existing federal income tax deduction caps of $5,000 for single taxpayers and $10,000 for combined returns through December 31, 2014
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Maintains the 50 percent federal income tax deduction for corporate taxpayers through December 31, 2014
Legislative Description
Eliminates the deduction for federal income tax liability and raises the personal exemption from $2,100 to $21,100
Last Action
Hearing Scheduled But Not Heard S Ways and Means Committee
3/27/2014