HB1296 Repeals the limits on the state income tax deduction for federal income taxes for individuals and replaces lost revenue to outstanding schools trust fund.
Sponsor: Hanaway, Catherine L (87) Effective Date:00/00/0000
CoSponsor: LR Number: 2715L.01I
Last Action: COMMITTEE: WAYS AND MEANS
02/08/2000 - Public Hearing Held (H)
HB1296
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1296 Copyright(c)
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Available Bill Text for HB1296
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BILL SUMMARIES

INTRODUCED

HB 1296 -- Income Tax:  Federal Income Tax Deduction for
Individuals

Sponsor:  Hanaway

This bill authorizes a 100% state income tax deduction for
federal income taxes paid by individuals.  Under current law,
individuals are only allowed to deduct up to $5,000 on a single
return and $10,000 on a married filing combined return.

The bill also replaces the funds lost to the Outstanding Schools
Trust Fund resulting from the increased deduction with general
revenue funds.

The bill will apply to tax year 2000 and thereafter.


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Last Updated October 5, 2000 at 11:32 am