SB 522
Modifies provisions relating to the deduction of federal taxes paid
Sponsor:
LR Number:
2473S.01I
Committee:
Last Action:
2/22/2021 - S First Read
Journal Page:
Title:
Calendar Position:
46
Effective Date:
Emergency clause

Current Bill Summary

SB 522 - 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. This act also exempts subsequent COVID-19-related tax credits from the determination of the amount of federal income tax liability allowable as a deduction. (Section 143.171)

Current law also requires taxpayers who itemize deductions to include any federal income tax refund amounts in his or her Missouri adjusted gross income if such taxpayer previously claimed a deduction for federal income tax liability on his or her Missouri income tax return. This act provides that any amount of any federal income tax refund attributable to COVID-19-related tax credits shall not be included in the taxpayer's Missouri adjusted gross income. (Section 143.121)

This act contains an emergency clause.

This act is identical to HB 991 (2021) and is substantially similar to SB 428 (2021) and SB 405 (2021), and to a provision contained in HCS/SB 676 (2020), HCS/SS#2/SB 704 (2020), and HCS/SS/SCS/SB 570 (2020).

JOSH NORBERG

Amendments

No Amendments Found.