HB1745 Eliminates the limit on the deduction of federal income taxes on state tax returns by corporate taxpayers and replaces revenues lost by the outstanding schools fund.
Sponsor: Marble, Gary (130) Effective Date:00/00/0000
CoSponsor: Secrest, Patricia K. (93) LR Number: 3353L.01I
Last Action: COMMITTEE: WAYS AND MEANS
04/18/2000 - Public Hearing Held (H)
HB1745
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1745 Copyright(c)
* Introduced

Available Bill Text for HB1745
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 1745 -- Income Tax:  Deductibility of Federal Income Taxes
for Corporations

Co-Sponsors:  Marble, Secrest

This bill authorizes a 100% state income tax deduction for
federal income taxes paid by a corporation.  Under current law,
corporations are only allowed to deduct 50% of federal income
tax paid.

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

The bill will apply to tax year 2000 and thereafter.


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Last Updated October 5, 2000 at 11:34 am