HB 789 -- Income Tax:  Federal Income Tax Deduction

Sponsor:  Wright

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
the federal income tax they paid.

The bill will apply to tax year 2001 and thereafter.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:03 pm