Modifies provisions relating to income tax on tips

Summary

The bill amends Section 143.121 of the Missouri statutes to clarify which federal tax refunds, interest, deductions, and other amounts must be included in or excluded from a taxpayer’s federal adjusted gross income for state tax purposes. It affects individual and business filers by potentially changing the amount of income subject to Missouri tax. The changes address items such as certain COVID‑19 related refunds, interest on government obligations, net operating loss deductions, and combat‑zone military income.

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