HB 2030 Creates a tax deduction for employee stock ownership plans
Sponsor: Silvey
LR Number: 5096S.04T Fiscal Notes
Committee: Ways and Means
Last Action: 9/14/2016 - Legislature voted to override Governor's veto Journal Page: H40
Title: SCS HCS HB 2030 Calendar Position:
Effective Date: August 28, 2016
House Handler: Hoskins

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Current Bill Summary

SCS/HCS/HB 2030 - For all tax years beginning on or after January 1, 2017, a taxpayer may deduct from their federal adjusted gross income used to determine their Missouri adjusted gross income an amount up to 50% of the net capital gain from the sale or exchange of employer securities of a Missouri corporation to a qualified employee stock ownership plan if the employee stock ownership plan includes at least 30% of all outstanding employer securities.

Under this act, a Missouri corporation must notify a departing employee of the deadline for when the former employee must decide whether they will receive their shares or the fair market value for any shares of employer securities.

The act shall expire six years after enactment unless reauthorized by an act of the General Assembly.

This act is identical to SCS/SB 856 (2016).