Modifies provisions related to an income tax deduction for certain farmers

Summary

The bill changes Section 143.121 of the Missouri tax code to specify which federal refunds, interest, depreciation, net‑operating‑loss and other items must be added back to, or subtracted from, a taxpayer’s federal adjusted gross income for the purpose of the farmer income‑tax deduction. It targets farmers and other taxpayers who claim the deduction, aiming to align state calculations with recent federal tax changes and close loopholes. The measure did not pass.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share