Summary of the Introduced Bill

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.

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Missouri House of Representatives
Last Updated November 26, 2001 at 11:43 am