PUBLIC SAFETY OFFICER SURVIVING SPOUSE TAX CREDIT

This act reauthorizes the Public Safety Officer Surviving Spouse tax credit until December 31, 2027. (Section 135.090)

This provision is identical to a provision contained in SCS/SB 174 (2019), HCS/SB 87 (2019), SCS/SBs 632 & 675 (2018), SCS/HCS/HBs 1288, 1377 & 2050 (2018), and SS/HB 655 (2017).

MISSOURI ADJUSTED GROSS INCOME

This act exempts interest received on deposits held at a federal reserve bank from Missouri adjusted gross income.

This provision is identical to a provision contained in SCS/SB 174 (2019) and SCS/SBs 46 & 50 (2019).

This act provides that, for all tax years beginning on or after January 1, 2018, interest expenses paid or accrued in a previous taxable year, but allowed as a deduction in the current taxable year for federal tax purposes by reason of the carryforward of disallowed business interest provisions of federal law, shall be added to a taxpayer's federal adjusted gross income for the purposes of the calculation of Missouri adjusted gross income.

This act also provides that, for all tax years beginning on or after January 1, 2018, interest expenses paid or accrued in the current taxable year, but not allowed as a deduction for federal tax purposes, shall be subtracted from a taxpayer's federal adjusted gross income for the purposes of the calculation of Missouri adjusted gross income. A taxpayer may submit an amended return to adjust the taxpayer's federal adjusted gross income under the provisions of the act. (Section 143.121)

This provision is identical to SCS/SB 410 (2019) and to provisions contained in SCS/HCS/HB 703 (2019), SS/SCS/SBs 46 & 50 (2019), and HCS/SB 87 (2019).

CORPORATE INCOME TAXES

This act makes technical corrections to the dates on which certain corporate income tax provisions take effect. (Sections 143.071, 143.451, and 143.461)

These provisions are identical to SCS/SB 151 (2019) and to provisions contained in SCS/HCS/HB 703 (2019).

BANK FRANCHISE TAX CREDIT

Current law provides for a tax credit for banking institutions to compensate for franchise taxes paid by banking institutions, as well as a tax credit that may be claimed in the event the corporate franchise tax is repealed by the General Assembly. Because the corporate franchise tax was repealed beginning January 1, 2016, for all tax years beginning on or after January 1, 2020, this act disallows the tax credit designed to compensate for the franchise tax. (Section 148.064)

This provision is identical to SB 175 (2019) and HB 455 (2019), and to a provision contained in SCS/SB 174 (2019).

JOSHUA NORBERG