HB 512 Mayhew, Don
HB 512 -- TAX DEDUCTION
SPONSOR: Mayhew
This bill repeals the sunset provision for Section 143.114, RSMo.
The bill reauthorizes a deduction from federal adjusted gross income, when determining a taxpayer’s Missouri adjusted gross income, a certain percentage of net capital gain from the sale or exchange of certain securities, as defined in the bill. Tax deductions for such securities under previous law expired on October 14, 2022. Under the bill, for all tax years beginning on or after January 1, 2023, when determining Missouri adjusted gross income, a taxpayer is allowed to deduct from the taxpayer's federal gross income, 50% of the net capital gain from the sale or exchange of employer securities of a Missouri corporation to a qualified Missouri stock ownership plan, as specified in the bill.