| SB 0540 | Excludes capital gains from state income tax |
| Sponsor: | Russell | |||
| LR Number: | L2287.01I | Fiscal Note: | 2287-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 01/20/98 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | January 1, 1999 | |||
SB 540 - Under current law, 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 Missouri adjusted gross income.
This act expands the types of allowable capital gains and authorizes a taxpayer to subtract all capital gains from the taxpayer's federal adjusted gross income when calculating Missouri adjusted gross income.
This act is similar to SB 68 from 1997.
RUSS HEMBREE