- Truly Agreed To and Finally Passed -

HS/HCS/SCS/SBs 3, 8 & 9 - This act prevents the receipt of a 2001 federal income tax advance refund check from resulting in an increase in the receiving taxpayer's Missouri state income tax liability.

In addition to the current federal-tax-liability deduction allowed from a taxpayer's Missouri adjusted gross income, each individual taxpayer receiving a credit or advance refund check pursuant to the accelerated ten percent income tax rate bracket for 2001 (under the new Internal Revenue Code Section 6428) will be allowed an additional deduction from Mo AGI to the extent such credit or refund check would otherwise increase the taxpayer's Missouri taxable income. The sum of the two deductions shall not exceed the applicable limit imposed by section 143.171, RSMo.

The act has an emergency clause.

This act is identical to SCS/HS/HCS/HBs 5, 1 & 2 (TAT - 2001 Special Session).

ALAN KELLY