SCS/SB 410 - This act provides that, for all tax years beginning on or after January 1, 2018, interest expenses paid or accrued in a previous taxable year, but allowed as a deduction in the current taxable year for federal tax purposes by reason of the carryforward of disallowed business interest provisions of federal law, shall be added to a taxpayer's federal adjusted gross income for the purposes of the calculation of Missouri adjusted gross income. This act also provides that, for all tax years beginning on or after January 1, 2018, interest expenses paid or accrued in the current taxable year, but not allowed as a deduction for federal tax purposes, shall be subtracted from a taxpayer's federal adjusted gross income for the purposes of the calculation of Missouri adjusted gross income. A taxpayer may submit an amended return to adjust the taxpayer's federal adjusted gross income under the provisions of the act.
This act is identical to provisions contained in SS/SCS/SBs 46 & 50 (2019), SCS/HCS/HB 333 (2019), SS/HCS/HB 255 (2019), and SCS/HCS/HB 703 (2019), and is substantially similar to provisions contained in HCS/SB 87 (2019).
JOSHUA NORBERG