143.113. Deduction for health insurance costs of self-employed individuals, rules. - Missouri Statutes

Deduction for health insurance costs of self-employed individuals,rules.

143.113. 1. For all taxable years beginning on or after January 1,2000, an individual taxpayer who is an employee within the meaning ofSection 401(c)(1) of the Internal Revenue Code of 1986, as amended, shallbe allowed to subtract from the taxpayer's Missouri adjusted gross incometo determine Missouri taxable income an amount equal to the amount whichthe taxpayer has paid during the taxable year for insurance whichconstitutes medical care for the taxpayer, the taxpayer's spouse, anddependents to the extent that such amounts qualify as deductible pursuantto Section 162(l) of the Internal Revenue Code of 1986, as amended, for thesame taxable year, and shall only be deductible to the extent that suchamounts are not deducted on the taxpayer's federal income tax return forthat taxable year.

2. The director of the department of revenue shall promulgate rulesand regulations to administer the provisions of this section. No rule orportion of a rule promulgated pursuant to the authority of this sectionshall become effective unless it has been promulgated pursuant to theprovisions of chapter 536, RSMo.

(L. 1999 H.B. 516)