SB 0002 | Disallows the deduction for property tax paid to another state on nonresident income tax returns |
Sponsor: | Goode | Co-Sponsor(s) | ||
LR Number: | 2341S.01I | Fiscal Note: | 2341-01 | |
Committee: | Ways and Means | |||
Last Action: | 09/11/03 - Motion to report bill Do Pass Failed S Ways & Means | Journal page: | ||
Committee | ||||
Title: | ||||
Effective Date: | Emergency Clause | |||
SB 2 - 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.
JEFF CRAVER