Bill Text: MO HB2226 | 2014 | Regular Session | Introduced
Bill Title: Increases, beginning January 1, 2015, the income tax deduction for federal income tax liability to $10,000 for an individual and $20,000 for taxpayers filing combined returns
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-04-15 - Public Hearing Completed (H) [HB2226 Detail]
Download: Missouri-2014-HB2226-Introduced.html
SECOND REGULAR SESSION
97TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES CROSS (Sponsor), JONES (50), HOUGHTON, PFAUTSCH, MUNTZEL, SHULL, BERRY, REDMON, KORMAN, FITZWATER, KELLEY (127), DAVIS, SHUMAKE, ELMER, NEELY, SCHATZ, LAUER, MCCAHERTY, BROWN AND LANT (Co-sponsors).
6508L.01I D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To repeal section 143.171, RSMo, and to enact in lieu thereof one new section relating to federal income tax deduction amounts.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 143.171, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 143.171, to read as follows:
143.171. 1. For all tax years beginning on or after January 1, 1994, but ending on or before December 31, 2014, an individual taxpayer shall be allowed a deduction for [his] the individual's federal income tax liability under Chapter 1 of the Internal Revenue Code for the same taxable year for which the Missouri return is being filed, not to exceed five thousand dollars on a single taxpayer's return or ten thousand dollars on a combined return, after reduction for all credits thereon, except the credit for payments of federal estimated tax, the credit for the overpayment of any federal tax, and the credits allowed by the Internal Revenue Code by Section 31 (tax withheld on wages), Section 27 (tax of foreign country and United States possessions), and Section 34 (tax on certain uses of gasoline, special fuels, and lubricating oils). For all tax years beginning on or after January 1, 2015, an individual taxpayer shall be allowed a deduction as provided in this subsection, but the deduction allowed under this subsection shall not exceed ten thousand dollars on a single taxpayer's return or twenty thousand dollars on a combined return.
2. For all tax years beginning on or after September 1, 1993, a corporate taxpayer shall be allowed a deduction for fifty percent of its federal income tax liability under Chapter 1 of the Internal Revenue Code for the same taxable year for which the Missouri return is being filed after reduction for all credits thereon, except the credit for payments of federal estimated tax, the credit for the overpayment of any federal tax, and the credits allowed by the Internal Revenue Code by Section 31 (tax withheld on wages), Section 27 (tax of foreign country and United States possessions), and Section 34 (tax on certain uses of gasoline, special fuels and lubricating oils).
3. If a federal income tax liability for a tax year prior to the applicability of sections 143.011 to 143.996 for which he was not previously entitled to a Missouri deduction is later paid or accrued, he may deduct the federal tax in the later year to the extent it would have been deductible if paid or accrued in the prior year.
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