Missouri HB2111 modifies income tax calculations by repealing certain capital gains subtractions.
Missouri HB2111 modifies the calculation of income tax by repealing income tax subtractions for certain capital gains. This bill affects taxpayers by altering the way they calculate their Missouri adjusted gross income, which is based on their federal adjusted gross income with specific modifications. The changes include adjustments to capital gains from the sale of farmland, deductions for home energy audits, and modifications to retirement benefits and health insurance premiums.
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