Bill > SB994

This bill modifies provisions related to filing income tax returns in Missouri, primarily by updating how certain income is treated for tax purposes and adjusting filing deadlines and procedures. Key changes include allowing subtractions from Missouri adjusted gross income for certain capital gains, retirement benefits from military service, and broadband internet grants, while also adding back federal income tax refunds that provided a Missouri tax benefit, with exceptions for COVID-19 related payments. The bill also aligns the filing deadline for Missouri income tax returns with the federal deadline, introduces a provision to prevent penalties and interest on tax balances due to denied tax credits if paid within 60 days of denial, and clarifies that taxpayers who have paid a deficiency that is later found to be erroneous are entitled to a refund. Additionally, it mandates that tax return forms for tax years beginning on or after January 1, 2026, must include the name of the taxpayer's public school district.

Budget and Finance, Labor and Employment

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=314