Section 143.172

Title X TAXATION AND REVENUE

Chapter 143

Effective - 09 Oct 2001, 2 histories, see footnote   (history) 

  143.172.  Allows a deduction for the 2001 federal ten percent rate bracket income tax rebate increasing Missouri taxable income. — In addition to any deduction for federal income taxes allowed pursuant to section 143.171 for the taxpayer's first tax year beginning on or after January 1, 2001, and on or before December 31, 2001, an individual taxpayer shall be allowed a deduction for any federal credit allowed pursuant to Section 6428 of the Internal Revenue Code for the accelerated ten percent income tax rate bracket for tax year 2001, including any advance refund of the credit allowed to the taxpayer pursuant to Section 6428(e) of the Internal Revenue Code, only to the extent such federal credit or advance refund of the credit would otherwise increase the Missouri taxable income of the taxpayer. The sum of the deduction allowed to the taxpayer pursuant to subsection 2 of section 143.171 and the deduction allowed pursuant to this section shall not exceed the applicable dollar limit imposed pursuant to subsection 2 of section 143.171.

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(L. 2001 1st Ex. Sess. H.B. 5, et al. § 1 merged with S.B. 3, et al. § 1)

Effective 10-9-01