| SB 0585 | Exempts social security income from taxation |
| Sponsor: | Sims | |||
| LR Number: | 2432S.01I | Fiscal Note: | 2432-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 03/28/00 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | January 1, 2001 | |||
SB 585 - Under current federal law, a taxpayer's social security benefits are exempt from taxation unless the taxpayer's modified adjusted gross income plus one-half of the social security benefits received exceeds a base amount.
This act authorizes the subtraction from a taxpayer's federal adjusted gross income of any amount of social security benefits when calculating Missouri adjusted gross income.
The act has an effective date of January 1, 2001, and applies to all taxable years beginning on or after December 31, 2000.
This act is similar to SB 608.
DAVID TALLMAN