143.119. Federal health insurance deduction, state tax credit--rulemaking authority. - Missouri Statutes

Federal health insurance deduction, state tax credit--rulemakingauthority.

143.119. 1. A self-employed taxpayer, as such term is used in thefederal internal revenue code, who is otherwise ineligible for the federalincome tax health insurance deduction under Section 162 of the federalinternal revenue code shall be entitled to a credit against the taxotherwise due under this chapter, excluding withholding tax imposed bysections 143.191 to 143.265, in an amount equal to the portion of suchtaxpayer's federal tax liability incurred due to such taxpayer's inclusionof such payments in federal adjusted gross income. The tax creditsauthorized under this section shall be nontransferable. To the extent taxcredit issued under this section exceeds* a taxpayer's state income taxliability, such excess shall be considered an overpayment of tax and shallbe refunded to the taxpayer.

2. The director of the department of revenue shall promulgate rulesand regulations to administer the provisions of this section. Any rule orportion of a rule, as that term is defined in section 536.010, RSMo, thatis created under the authority delegated in this section shall becomeeffective only if it complies with and is subject to all of the provisionsof chapter 536, RSMo, and, if applicable, section 536.028, RSMo. Thissection and chapter 536, RSMo, are nonseverable and if any of the powersvested with the general assembly pursuant to chapter 536, RSMo, to review,to delay the effective date, or to disapprove and annul a rule aresubsequently held unconstitutional, then the grant of rulemaking authorityand any rule proposed or adopted after August 28, 2007, shall be invalidand void.

(L. 2007 H.B. 818)

*Word "exceed" appears in original rolls.