hb1661i-Introduced Bill Text
SECOND REGULAR SESSION
HOUSE BILL NO. 1661
91ST GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE CUNNINGHAM.
Read 1st time January 28, 2002, and 1000 copies ordered printed.
TED WEDEL, Chief Clerk
3968L.01I
AN ACT
To repeal section 143.171, RSMo, and to enact in lieu thereof one new section relating to deductibility of individual and
corporate federal income taxes.
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Section A. Section 143.171, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section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 before January 1, 1994, for an individual taxpayer and for all tax years beginning
before September 1, 1993, for a corporate taxpayer, the taxpayer shall be allowed a deduction for [his] the taxpayer'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 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).
2. For all tax years beginning on or after January 1, 1994, but before December 31, 2001, an individual taxpayer shall be
allowed a deduction for [his] the taxpayer'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,
2002, an individual taxpayer shall be allowed a full deduction for the taxpayer'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, after
reduction for all credits thereon, except as specified in this subsection.
3. For all tax years beginning on or after September 1, 1993, but before December 31, 2001, 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). For all tax years beginning on or after
January 1, 2002, a corporate taxpayer shall be allowed a full deduction for 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 as specified in this subsection.
4. If a federal income tax liability for a tax year prior to the applicability of sections 143.011 to 143.996 for which [he] the
taxpayer was not previously entitled to a Missouri deduction is later paid or accrued, [he] the taxpayer 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.
Missouri House of Representatives