(From Missouri Department of Revenue) Missouri House Bill 594 (HB 594), recently signed into law by Governor Mike Kehoe, is landmark legislation that eliminates tax on capital gains for individuals and provides a path for corporations in Missouri to do so, as well. This bill makes Missouri the first state in the nation to completely exempt such tax for individual filers.
“The department is already preparing for next year’s tax season and we are making the adjustments required to accommodate this and other new laws that affect taxpayers,” Director of Revenue Trish Vincent said. “It is always a good thing when we can implement changes that put more money back into the pockets of hardworking Missouri citizens.”
The key provisions in HB 594 are outlined below:For Individuals: Effective January 1, 2025, individuals can deduct 100% of all capital gains reported for federal income tax purposes when calculating their Missouri adjusted gross income. This applies to both short-term and long-term capital gains from assets such as stocks, real estate, and cryptocurrency.
For Corporations: Corporations can deduct 100% of capital gains from their federal taxable income when the top individual income tax rate in Missouri falls to 4.5% or lower. The corporate subtraction will take effect in the tax year following the year in which this rate reduction occurs. For 2025, the top individual income tax rate is 4.7%, meaning corporations will not be eligible for the deduction in tax year 2025.
Tax preparers may want to review client withholdings and adjust them downward if clients are expected to be affected by this new subtraction.
6 comments:
It's a race to the bottom!
Missouri has what ti take to win, just look at all those repubes!
12:55 you must have a miserable life, to never be happy about anything
My grocery bill goes up and up.
Also gas is about $2.65. TACO Don failed to deliver there too.
Thank Goodness everything in the Life of a Leftist Liberal Demon Democratic can be blamed on the Republicans, what would they do if they couldn't complain and whine - like a bunch of Karens and Kevins? Maybe they need to go get Jobs, get off the Government Payrolls, and become Contributing Members of Society. No, that would be to hard for them to do it is easier to find fault, complain, and blame everyone else for their lack of: "Looking in the Mirror and Quit Lying to Themselves". Again, the Woke, DEI, CRT, and Pronoun Shamers are losing favor in the United States - Businesses and the Government are tired of almost going Bankrupt and trying to Please a Minority of Privileged Individuals, causing havoc in the day-to-day operations in the pursuit to having to Create an Environment just for them.
Anheuser Busch, Target, Starbucks, Disney, and the Government, even Crackle Barrel - have realized - "Go Woke - Go Broke", America is speaking out Loud and Clear!
To Hard Working Americans this is a Blessing, if You, your Parents, or Grandparents, bought a house 10, 15, 30-years ago and sell it today, you pay No Capital Gains Taxes to the State of Missouri - saving almost 5% on those Capital Gains, on Real Estate, Stocks, Etc., from the State of Missouri - putting Money back into the Individuals pockets - where it belongs.
9:40 your gas and food bill will continue to go up. Believe it or not gas isn’t 27 cents a gallon and milk isn’t 83 cents a gallon anymore
It’s such an old-fashioned term but a beautiful term: groceries," he mused. "It sort of says a bag with different things in it."
The president then claimed that he has alleviated the price of groceries, saying, "Groceries went through the roof and I campaigned on that. I talked about the word ‘groceries’ for a lot, and energy costs now are down. Groceries are down.”
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