SB 0003 Prevents the one-time 2001 federal tax rebate check from increasing a taxpayer's Missouri state income tax
LR Number:2420L.05C Fiscal Note:2420-05
Committee:Ways and Means
Last Action:09/12/01 - Voted Do Pass H Fiscal Review Committee Journal page:
Title:HCS SCS SBs 3, 8 & 9
Effective Date:Emergency Clause
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Current Bill Summary

SCS/SBs 3, 8 & 9 - This act prevents the receipt of a 2001 federal income tax advance refund check from resulting in an increase in the receiving taxpayer's Missouri state income tax liability. In addition to the current federal-tax-liability deduction allowed from a taxpayer's Missouri adjusted gross income, each individual taxpayer receiving a credit or advance refund check pursuant to the accelerated ten percent income tax rate bracket for 2001 (under the new Internal Revenue Code Section 6428) will be allowed an additional deduction from Mo AGI to the extent such credit or refund check would otherwise increase the taxpayer's Missouri taxable income.

The act has an emergency clause.