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MO SB374
Bill
AI Summary
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Amends Missouri income tax law (Section 143.121, RSMo) to allow agricultural producers to subtract disaster and emergency compensation payments from their federal adjusted gross income when calculating Missouri state income tax
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Applies to tax years beginning on or after January 1, 2014, providing retroactive tax relief for farmers who received disaster payments
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Covers nine specific federal agricultural assistance programs including: Livestock Forage Disaster Program, Livestock Indemnity Program, Emergency Assistance for Livestock/Honeybees/Farm-Raised Fish, Emergency Conservation Program, Noninsured Crop Disaster Assistance Program, and various livestock insurance programs
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Reported from the Senate Committee on Ways and Means on April 23, 2015, with recommendation to pass
Legislative Description
Creates and income tax deduction for payments received as part of a program that compensates agricultural producers for losses from disaster or emergency
Last Action
S Informal Calendar S Bills for Perfection--SB 374-Schatz, with SCS
5/15/2015