TAX REFUND DONATION

For all tax years beginning on or after January 1, 2019, and ending on or before December 31, 2023, this act allows a taxpayer to designate a portion of such taxpayer's income tax refund to the Kansas City Regional Law Enforcement Memorial Foundation Fund, which is created by the act. (Section 143.1028)

This provision is substantially similar to HCS/SB 87 (2019) and to a provision contained in SS#3/SCS/HB 113 (2019).

MISSOURI ADJUSTED GROSS INCOME

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. (Section 143.121)

This provision is identical to SCS/SB 410 (2019) and to provisions contained in SCS/HCS/HB 333 (2019), SS/SCS/SBs 46 & 50 (2019), and HCS/SB 87 (2019).

CORPORATE INCOME TAXES

This act makes technical corrections to the dates on which certain corporate income tax provisions take effect. (Sections 143.071, 143.451, and 143.461)

These provisions are identical to SCS/SB 151 (2019) and to provisions contained in SCS/HCS/HB 333 (2019).

JOSHUA NORBERG