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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
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