SB 595 - Bill Information - Missouri Senate

SB 595 - Bray, Joan

Requires amount of taxes paid to another state for property taxes to be added back in for purposes of income tax calculation

Sponsor

Bray, Joan

LR Number

3667S.01I

Title

SB 595

House Handler

N/A

Journal Page

S57

Effective Date

August 28, 2006

Committee

Ways & Means

Current Status

Second Read and Referred S Ways & Means Committee

List of 2006 Senate Bills

No amendments available

SB 595 - Currently, in certain cases, a nonresident may receive an itemized deduction on their federal return for property taxes paid to another state. Current Missouri law does not require that this amount be "added-back" on the Missouri return. Therefore, the deduction for property taxes paid to another state carries through to apply against the Missouri income tax of a nonresident. This act eliminates this deduction by requiring nonresidents to add-back the amount of the federal deduction on their Missouri tax return. This act is similar to SB 540 (2005). JASON ZAMKUS