Modifies provisions relating to the calculation of income tax, repealing income tax subtractions for certain capital gains

Summary

The measure amends Section 143.121 of the Missouri tax code to change which amounts are added to or subtracted from a taxpayer’s federal adjusted gross income when computing state tax. It adds items such as certain federal tax refunds, interest on specific government obligations, and net operating loss deductions, while removing subtractions for particular capital‑gain differences and other income. The changes would affect individual filers, non‑residents, veterans, and others whose returns include these items.

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