HB 1793 modifies income exempt from earnings tax in Missouri, adding new exemptions and clarifying definitions.
HB 1793 modifies the provisions governing income exempt from earnings tax in Missouri. It adds new exemptions, including proceeds from life insurance policies, workers' compensation, and certain retirement funds. It also clarifies that the term "low-income taxpayer" refers to individuals with income at or below 150% of the federal poverty level. These changes affect all citizens who qualify as low-income taxpayers and receive income as salaries, wages, commissions, or other compensation.
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- Impact
- Legal Framework
- Critical Issues
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