Bill > SB46

This bill modifies Missouri's income tax code by adding a new provision that allows taxpayers to deduct 100% of capital gains from their state income taxes starting January 1, 2025. The bill amends Section 143.121 of the Missouri Revised Statutes by adding a new subsection (14) to the list of income subtractions, which means that any income reported as a capital gain for federal income tax purposes can be fully subtracted when calculating Missouri state income taxes. This change effectively creates a complete tax exemption for capital gains at the state level, which could potentially encourage investment and provide financial benefits for Missouri taxpayers who realize gains from selling assets such as stocks, real estate, or other investments. The bill is part of the broader section that outlines various modifications to how Missouri adjusted gross income is calculated, adding this specific capital gains deduction to existing provisions that allow subtractions for other types of income.

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https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=149