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.

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.