|
SCS/SB 174 - This act exempts interest received on deposits held at a federal reserve bank from Missouri adjusted gross income. (Section 143.121) This provision is identical to a provision contained in SCS/SB 46 (2019). Current law provides for a tax credit for banking institutions to compensate for franchise taxes paid by banking institutions, as well as a tax credit that may be claimed in the event the corporate franchise tax is repealed by the General Assembly. Because the corporate franchise tax was repealed beginning January 1, 2016, for all tax years beginning on or after January 1, 2020, this act disallows the tax credit designed to compensate for the franchise tax. (Section 148.064) This provision is identical to SB 175 (2019) and HB 455 (2019). This act is substantially similar to HCS/HB 333 (2019). JOSHUA NORBERG
|
