HB 3376 modifies Missouri income tax calculations by repealing certain capital gains subtractions.

HB 3376 repeals specific subtractions for capital gains in Missouri income tax calculations. It removes the ability to subtract certain capital gains from federal adjusted gross income, affecting how income is reported and taxed. The bill also includes provisions for deductions related to home energy audits and farm operations, but focuses primarily on altering capital gains treatment. This change impacts taxpayers who previously benefited from these capital gains subtractions.

HB 3376 modifies Missouri income tax calculations by repealing certain capital gains subtractions.

HB 3376 repeals specific subtractions for capital gains in Missouri income tax calculations. It removes the ability to subtract certain capital gains from federal adjusted gross income, affecting how income is reported and taxed. The bill also includes provisions for deductions related to home energy audits and farm operations, but focuses primarily on altering capital gains treatment. This change impacts taxpayers who previously benefited from these capital gains subtractions.