SB 540 Requires amount of taxes paid to another state for property taxes to be added back in income tax calculation
Sponsor: Bray
LR Number: 1960S.01I Fiscal Note:
Committee: Ways & Means
Last Action: 3/3/2005 - Second Read and Referred S Ways & Means Committee Journal Page: S363
Title: Calendar Position:
Effective Date: August 28, 2005

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Current Bill Summary


SB 540 - Currently, in certain cases, a nonresident may receive an itemized deduction on their federal return for property taxes paid to another state. Current Missouri law does not require that this amount be "added-back" on the Missouri return. Therefore, the deduction for property taxes paid to another state carries through to apply against the Missouri income tax of a nonresident. This act eliminates this deduction by requiring nonresidents to add-back the amount of the federal deduction on their Missouri tax return.

JASON ZAMKUS