| SB 0068 | Capital Gains Excluded From Missouri Income Tax |
| Sponsor: | Russell | |||
| LR Number: | L0264.01I | Fiscal Note: | 0264-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 01/28/97 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | ||||
SB 68 -- This act authorizes a taxpayer to subtract any capital gains from the taxpayer's federal adjusted gross income when calculating the taxpayer's Missouri adjusted gross income.
Currently, only a portion of the capital gain that results
from the sale of a low-income project which has at least 40% of
the units occupied by persons having an income of 60% or less of
the median income is authorized to be subtracted from the
taxpayer's federal adjusted gross income when calculating the
taxpayer's Missouri adjusted gross income. This act would expand
the types of capital gain which are permitted to be subtracted
from federal adjusted gross income when calculating a taxpayer's
Missouri adjusted gross income.
RUSS HEMBREE