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SB 496 - The act creates an individual income tax deduction for business income and phases it in over a period of five years. Taxpayers will be allowed to deduction ten percent of business income for the 2013 tax year and, once fully phased-in, taxpayers will be allowed a fifty percent deduction for all tax years after 2017. Shareholders of S corporations and partners in partnerships will be allowed a proportional deduction based their share of ownership. (Section 143.022) This act is similar to provisions contained in SS/HB 253 (2013) and SB 26 (2013). The act is similar to SB 11 (2013), HB 536 (2013), and SB 661 (2012). MIKE HAMMANN
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