Bill > SB67

This bill modifies provisions related to tax credits and income tax calculations in Missouri, with several key changes. The bill updates tax credit regulations for business contributions to various community and economic development programs, allowing more flexibility in credit allocation and expanding eligibility for certain credits. For tax returns, the bill aligns Missouri's filing deadline with federal tax return deadlines and provides a new provision protecting taxpayers from penalties if they are denied tax credits due to lack of available funds. The bill also introduces new tax subtraction provisions for beginning farmers, allowing farm owners who sell, lease, or enter crop-share arrangements with beginning farmers to subtract portions of their capital gains or income from their Missouri adjusted gross income. Additionally, the bill makes technical modifications to how certain income and deductions are calculated for state tax purposes, including updates related to federal tax law changes and specific exemptions for agricultural disaster payments, military retirement benefits, and broadband internet grant money. The changes aim to provide more economic support to farmers, clarify tax credit procedures, and align state tax regulations with federal guidelines.

Budget and Finance, Government Affairs, Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=421