SCS/SBs 405, 522, & 428 - Current law allows a taxpayer to deduct from his or her Missouri adjusted gross income a portion of his or her federal income taxes paid, exempting federal income tax credits received for the 2020 tax year under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act when determining the amount of federal income tax liability allowable as a deduction. This act also exempts federal income tax credits received for the 2020 tax year under the supplemental federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and federal income tax credits received for the 2021 tax year under the American Rescue Plan. (Section 143.171) Current law also requires taxpayers who itemize deductions to include any federal income tax refund amounts in his or her Missouri adjusted gross income if such taxpayer previously claimed a deduction for federal income tax liability on his or her Missouri income tax return. This act provides that any amount of any federal income tax refund attributable to COVID-19-related tax credits in the supplemental CARES ACT and the federal American Rescue Plan Act of 2021 shall not be included in the taxpayer's Missouri adjusted gross income. (Section 143.121)
This act contains an emergency clause.
This act is substantially similar to HB 991 (2021) and HB 1039 (2021), and to a provision contained in CCS/HCS/SS/SCS/SBs 153 & 97 (2021), CCS/HCS/SB 365 (2021), HCS/HB 555 (2021), and HB 913 (2021).
JOSH NORBERG