Bill > HB2111

This bill modifies Missouri's income tax calculation rules, primarily focusing on changes to capital gains tax treatment. The legislation repeals certain income tax subtractions for capital gains, with specific provisions that will take effect between 2025 and 2026. Under the new rules, individuals and certain business entities will be allowed to subtract 100% of capital gains from their taxable income during a limited timeframe. The bill also includes several other technical modifications to income tax calculations, such as adjustments for federal income tax refunds, interest on governmental obligations, net operating losses, and specific deductions related to military benefits, agricultural disaster payments, and broadband internet grants. Additionally, the bill introduces provisions to support beginning farmers by allowing farm owners who sell, lease, or enter crop-share arrangements with beginning farmers to subtract portions of their income from state taxes, with sliding scale percentages and monetary limits. These changes aim to provide tax relief and incentives in specific sectors while simplifying and updating the state's income tax structure.

https://house.mo.gov/Bill.aspx?bill=HB2111&year=2026&code=R