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HCS/SB 863 - Currently, a participant taxpayer may deduct up to eight thousand dollars of annual contributions to the Missouri Higher Education Savings Program from income to determine Missouri adjusted gross income. This act modifies the deduction provision to allow married taxpayers filing a joint tax return to deduct up to sixteen thousand dollars of annual contributions from income and allows similar tax treatment for other qualified tuition savings programs established under the provisions of Section 529 of the Internal Revenue Code. This act is similar to Senate Bill 224 (2007). JASON ZAMKUS
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