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SB 68 -- This act authorizes a taxpayer to subtract any capital gains from the taxpayer's federal adjusted gross income when calculating the taxpayer's Missouri adjusted gross income.

Currently, only a portion of the capital gain that results from the sale of a low-income project which has at least 40% of the units occupied by persons having an income of 60% or less of the median income is authorized to be subtracted from the taxpayer's federal adjusted gross income when calculating the taxpayer's Missouri adjusted gross income. This act would expand the types of capital gain which are permitted to be subtracted from federal adjusted gross income when calculating a taxpayer's Missouri adjusted gross income.

TOM CRAWFORD