Read 1st time January 12, 2000, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
AN ACT
To amend chapter 143, RSMo, relating to income taxation by adding thereto one new section relating to income tax deductions health-related expenses.
Section A. Chapter 143, RSMo, is amended by adding thereto one new section, to be known as section 143.114, to read as follows:
143.114. 1. For all taxable years beginning on or after January 1, 2001, but before January 1, 2006, there shall be subtracted from an individual's Missouri adjusted gross income an amount equal to the lesser of two thousand dollars or one hundred percent of the amount paid by such individual during his or her taxable year for documented health insurance premiums and out-of-pocket medical costs to the extent such amount is included in the individual's federal adjusted gross income and to the extent such amount is not otherwise deducted therefrom pursuant to any other law and is not reimbursed by any source. For purposes of this section, "out-of-pocket medical costs" are those medical expenses deductible pursuant to section 213 of the Internal Revenue Code and rulings interpreting section 213 of the Internal Revenue Code. The deduction allowed pursuant to this section shall not be refundable.
2. The deduction provided in this section shall be available to an individual whether such individual elects to itemize his or her deductions or elects to deduct the Missouri standard deduction. A married individual filing a Missouri income tax return separately from his or her spouse shall be allowed to make a deduction pursuant to this section in an amount equal to the proportion of such individual's payment of health insurance premiums and out-of-pocket medical expenses.
3. The director of the department of revenue shall place a line on all Missouri individual income tax returns for
the deduction created by this section.
Missouri House of Representatives