MO SB1231

Allows taxpayers to subtract from Missouri adjusted gross income the amount of specified research or experimental expenditures that are required to be charged to capital account under 26 U.S.C. Section 174(a)(2)(A), effective for tax years beginning on or after January 1, 2022

Requires taxpayers to add back to Missouri adjusted gross income any amounts deducted under 26 U.S.C. Section 174(a)(2)(B) for the tax year, beginning January 1, 2022

Addresses federal tax law changes that eliminated immediate expensing of research and development costs, requiring such costs to be amortized over 5 years (domestic) or 15 years (foreign) rather than deducted immediately

Amends Section 143.121, RSMo, which governs modifications to federal adjusted gross income for calculating Missouri adjusted gross income for resident individuals