143.106. Federal income tax deductions. - Missouri Statutes

Federal income tax deductions.

143.106. 1. Notwithstanding the provisions of section143.171, to the contrary, a taxpayer shall be allowed a deductionfor his federal income tax liability under chapter 1 of theInternal Revenue Code for the same taxable year for which theMissouri return is being filed after reduction for all creditsthereon, except the credit for payments of federal estimated tax,the credit for the overpayment of any federal tax, and thecredits allowed by the Internal Revenue Code by section 31 (taxwithheld on wages), section 27 (tax of foreign country and UnitedStates possessions), and section 34 (tax on certain uses ofgasoline, special fuels, and lubricating oils).

2. If a federal income tax liability for a tax year priorto the applicability of sections 143.011 to 143.996 for which hewas not previously entitled to a Missouri deduction is later paidor accrued, he may deduct the federal tax in the later year tothe extent it would have been deductible if paid or accrued inthe prior year.

(L. 1993 S.B. 380 §§ B, 2)

*Contingent expiration date. See section 143.107.

(1996) Contingent referendum provision was an unconstitutional delegation of legislative authority thereby making this section void. Akin v. Director of Revenue, 934 S.W.2d 295 (Mo.banc).