SB 0081 Excess Social Security to be Excluded From Missouri Income Tax
Sponsor:Russell
LR Number:L0315.01I Fiscal Note:0315-01
Committee:Ways and Means
Last Action:01/28/97 - Hearing Conducted S Ways & Means Committee Journal page:
Title:
Effective Date:January 1, 1998
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Current Bill Summary

SB 81 -- Under current federal law, a taxpayer's social security benefits are exempt from taxation unless the taxpayer's modified adjusted gross income plus one-half of the social security benefits exceed a base amount. Under the current rules, the maximum amount includible in gross income is 85% of the social security benefits received in the tax year.

This act authorizes the subtraction from a taxpayer's federal adjusted gross income any amounts which are included in a taxpayer's federal gross income as a result of the above mentioned federal law in arriving at the taxpayer's Missouri adjusted gross income.

This act shall become effective January 1, 1998 and shall apply to all taxable years beginning after December 31, 1997.
RUSS HEMBREE