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MO HB114
Bill
Status
1/7/2015
Primary Sponsor
Gary Cross
Click for details
AI Summary
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Doubles the maximum federal income tax deduction for individual Missouri taxpayers from $5,000 to $10,000 for single filers and from $10,000 to $20,000 for combined returns, effective for tax years beginning on or after January 1, 2016
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Maintains the existing deduction limits ($5,000 single/$10,000 combined) for tax years from January 1, 1994 through December 31, 2015
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Corporate taxpayers continue to receive a deduction for 50% of their federal income tax liability with no changes under this bill
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The deduction applies to federal income tax liability after reduction for credits, excluding credits for estimated tax payments, overpayments, withheld wages, foreign tax, and certain fuel taxes
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Amends Section 143.171, RSMo, introduced by Representative Cross in the 98th General Assembly
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)
2/10/2015