Amends tax law to provide for additional subtractions for capital gains that are recharacterized as ordinary income by IRS

Summary

HB 2945 changes Missouri tax law so that certain amounts – most notably capital gains that the IRS treats as ordinary income – can be subtracted from a taxpayer’s Missouri adjusted gross income. The amendment also adds and removes other items such as federal tax refunds, interest on government obligations, and specific deductions. The goal is to lower state tax liability for affected filers.

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