HB 1637 -- Income Tax:  Federal Income Tax Deduction

Sponsor:  Wright

This bill allows full deductibility of federal income taxes paid
by corporations and individuals for state income tax purposes.
Under current law, corporations are allowed to deduct 50% of
federal income taxes paid, and individuals are limited to a
deduction of $5,000 per tax year on a single return and $10,000
on a combined return.

The deduction will apply to tax year 2002 and thereafter.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:02 am