SB 585
Modifies provisions relating to income tax exemptions for certain retirement benefits
LR Number:
Last Action:
4/24/2023 - Hearing Cancelled S Economic Development and Tax Policy Committee
Journal Page:
Effective Date:
August 28, 2023

Current Bill Summary

SB 585 - Current law allows taxpayers with certain filing status and adjusted gross income below certain thresholds to deduct 100% of certain retirement and Social Security benefits from the taxpayer's Missouri adjusted gross income, with a reduced deduction as the taxpayer's adjusted gross income increases. For all tax years beginning on or after January 1, 2024, this act allows the maximum deduction to all taxpayers regardless of filing status or adjusted gross income, and also allows the deduction for retirement benefits received from private sources.

This act is substantially similar to SB 448 (2023), SB 241 (2023), HB 156 (2023), HB 456 (2023), HB 662 (2023), HB 1206 (2023), SB 871 (2022), HB 2853 (2022), SB 157 (2021), SB 847 (2020), and HB 1725 (2020), and to provisions in HCS/SB 247 (2023), and HCS/SS#3/SCS/SB 131 (2023).



No Amendments Found.