HB 388 -- Income Tax: Federal Income Tax Deduction Co-Sponsors: Portwood, Bearden, Reid, Roark 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 2001 and thereafter.Copyright (c) Missouri House of Representatives