Missouri HB3405 modifies the "SALT Parity Act" to adjust tax calculations for partnerships and S corporations.
Missouri HB3405 amends the "SALT Parity Act" to alter tax calculations for partnerships and S corporations. It introduces a tax on these entities doing business in Missouri, with provisions for credits and deductions. The bill specifies how income and losses are to be calculated and adjusted, including a reduction of 20% of ordinary business income. It also details the process for members to opt-out of certain tax liabilities and outlines the responsibilities of affected business entities in reporting and paying taxes.
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