SB 7 Creates an income tax deduction for medical expenses
Sponsor: Loudon
LR Number: 0369S.02I Fiscal Note: 0369-02
Committee: Ways & Means
Last Action: 1/16/2007 - Second Read and Referred S Ways & Means Committee Journal Page: S104
Title: Calendar Position:
Effective Date: August 28, 2007

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Current Bill Summary

SB 7 - This act allows an income tax deduction equal to one hundred percent of the amount paid for insurance premiums and out-of-pocket medical expenses to the extent such amount is included in federal adjusted gross income and not otherwise excluded from Missouri adjusted gross income. The term "out-of-pocket medical costs" is defined as those medical expenses allowable pursuant to section 213 of the Internal Revenue Code and federal rulings interpreting section 213 of the Internal Revenue Code.