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

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

Amendments