Loading chat...
MO HB1152
Bill
Status
3/9/2015
Primary Sponsor
Tony Dugger
Click for details
AI Summary
-
Amends Missouri tax code sections 143.124 and 143.431 relating to retirement income tax exemptions and corporate taxable income calculations
-
Adds "retirement benefit" to the definition of pension/annuity income eligible for state tax exemptions, clarifying that 401(k) plans, deferred compensation plans, Keogh plans, IRAs (excluding Roth IRAs), and government pensions qualify
-
Maintains existing income thresholds for maximum exemptions: $100,000 for married filing combined and $85,000 for single/head of household/married filing separately
-
Preserves phased-in subtraction schedule for military retirement benefits starting at 15% in 2010 and reaching 100% exemption for tax years beginning January 1, 2016 and after
-
Makes technical correction in section 143.431 changing cross-reference from "paragraph (d)" to "subdivision (4)" for net operating loss deduction provisions
Legislative Description
Modifies provisions relating to taxation
Last Action
Referred: Select Committee on Financial Institutions and Taxation(H)
4/8/2015