HS/HCS/HB 356 - This act modifies provisions relating to taxation.BUSINESS INCOME DEDUCTION
Current law authorizes an income tax deduction for a percentage of a taxpayer's business deduction from certain combined sources. This act adds the total combined profit as reported on an IRS Schedule F form and Form 4835. (Section 143.022)
ESOP INCOME TAX DEDUCTION
Current law authorizes an income tax deduction equal to 50% of the net capital gain from selling employer securities to a qualified Missouri employee stock ownership plan, with such deduction scheduled to sunset on December 31, 2022. This act repeals the sunset provision. (Section 143.114)
This provision is identical to HB 512 (2023) and to a provision in CCS/SB 20 (2023), HCS/SS#3/SCS/SB 131 (2023), HCS/SB 247 (2023), SCS/HCS#2/HB 713 (2023), and SCS/HCS/HB 934 (2023), and is similar to a provision in HCS/SS/SB 807 (2022) and HCS/SS/SCS/SB 931 (2022).
RETIREMENT BENEFITS DEDUCTION
Current law authorizes a taxpayer to deduct a maximum of the first $6,000 of any retirement allowance received from any privately funded sources if the taxpayer's Missouri adjusted gross income is less than $16,000 if filing married separately, $25,000 if filing single, or $32,000 if filing married combined. For all tax years beginning on or after January 1, 2024, this act increases such deduction to $12,000 and increases the income thresholds to $32,000, $50,000, and $64,000 respectively. (Section 143.124)
These provisions are identical to provisions in HCS/SS#3/SCS/SB 131 (2023) and SCS/HCS#2/HB 713 (2023), and are substantially similar to SB 241 (2023), SB 448 (2023), SB 585 (2023), HB 156 (2023), HB 456 (2023), HB 662 (2023), HB 1206 (2023), SB 871 (2022), HB 2853 (2022), SB 157 (2021), SB 847 (2020), and HB 1725 (2020), and to provisions in SS/SB 190 (2023) and HCS/SB 247 (2023).
DOGS
Current law provides that a dog shall not be permitted in the state unless the owner has paid a dog tax. This act repeals such provision. (Section 273.050)
JOSH NORBERG