Bill > HB356

This bill modifies provisions relating to income tax deductions for private pensions. Specifically, it: 1. Increases the maximum deduction for retirement allowances from privately funded sources from $6,000 to $12,000 for tax years beginning on or after January 1, 2024. 2. Raises the adjusted gross income thresholds for the maximum deduction from $25,000 (single/head of household), $32,000 (married filing separately), and $50,000 (married filing combined) to $50,000, $32,000, and $64,000 respectively. 3. Allows a 50% deduction for the net capital gain from the sale or exchange of employer securities of a Missouri corporation to a qualified Missouri employee stock ownership plan, if the plan owns at least 30% of the outstanding securities after the transaction. 4. Repeals a provision requiring dogs to be listed and have a tax paid annually in order to remain in the state.