SB 405
Modifies provisions relating to the deduction of federal income taxes paid
Sponsor:
LR Number:
1920S.01I
Committee:
Last Action:
2/25/2021 - Second Read and Referred S Ways and Means Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 405 - Current law allows a taxpayer to deduct from his or her Missouri adjusted gross income a portion of his or her federal income taxes paid, exempting federal income tax credits received for the 2020 tax year under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act when determining the amount of federal income tax liability allowable as a deduction. For the 2020 tax year, this act also exempts other COVID-19-related tax credits, as defined in the act, from the determination of the amount of federal income tax liability allowable as a deduction.

JOSH NORBERG

Amendments

No Amendments Found.