HB1390 Repeals limit on deductibility of federal income tax paid by individuals and corporations and replaces lost revenue to Outstanding Schools Trust Fund from general revenue fund.
Sponsor: Blunt, Matt (139) Effective Date:00/00/0000
CoSponsor: LR Number: 3063L.01I
Last Action: 01/20/2000 - Referred: Ways and Means (H)
HB1390
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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* Introduced

Available Bill Text for HB1390
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BILL SUMMARIES

INTRODUCED

HB 1390 -- Income Tax:  Federal Income Tax Deduction

Sponsor:  Blunt

This bill authorizes a 100% state income tax deduction for
federal income taxes paid by individuals and corporations.
Under current law, individuals are allowed to deduct up to
$5,000 on a single return and $10,000 on a married filing
combined return and corporations are allowed to deduct 50% of
federal income tax paid.

The bill also replaces with general revenue funds the lost
transfers to the Outstanding Schools Trust Fund resulting from
the increased deduction for federal income taxes paid by
corporations.

The bill will apply to tax year 2000 and thereafter.


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Last Updated October 5, 2000 at 11:32 am