143.171. Federal income tax deduction, amount, corporate and individual taxpayers.
Federal income tax deduction, amount, corporate and individualtaxpayers.
143.171. 1. For all tax years beginning before January 1,1994, for an individual taxpayer and for all tax years beginningbefore September 1, 1993, for a corporate taxpayer, the taxpayershall be allowed a deduction for his federal income tax liabilityunder chapter 1 of the Internal Revenue Code for the same taxableyear for which the Missouri return is being filed after reductionfor all credits thereon, except the credit for payments offederal estimated tax, the credit for the overpayment of anyfederal tax, and the credits allowed by the Internal Revenue Codeby section 31 (tax withheld on wages), section 27 (tax of foreigncountry and United States possessions), and section 34 (tax oncertain uses of gasoline, special fuels, and lubricating oils).
2. For all tax years beginning on or after January 1, 1994,an individual taxpayer shall be allowed a deduction for hisfederal income tax liability under chapter 1 of the InternalRevenue Code for the same taxable year for which the Missourireturn is being filed, not to exceed five thousand dollars on asingle taxpayer's return or ten thousand dollars on a combinedreturn, after reduction for all credits thereon, except thecredit for payments of federal estimated tax, the credit for theoverpayment of any federal tax, and the credits allowed by theInternal Revenue Code by section 31 (tax withheld on wages),section 27 (tax of foreign country and United Statespossessions), and section 34 (tax on certain uses of gasoline,special fuels, and lubricating oils).
3. For all tax years beginning on or after September 1,1993, a corporate taxpayer shall be allowed a deduction for fiftypercent of its federal income tax liability under chapter 1 ofthe Internal Revenue Code for the same taxable year for which theMissouri return is being filed after reduction for all creditsthereon, except the credit for payments of federal estimated tax,the credit for the overpayment of any federal tax, and thecredits allowed by the Internal Revenue Code by section 31 (taxwithheld on wages), section 27 (tax of foreign country and UnitedStates possessions), and section 34 (tax on certain uses ofgasoline, special fuels and lubricating oils).
4. If a federal income tax liability for a tax year priorto the applicability of sections 143.011 to 143.996 for which hewas not previously entitled to a Missouri deduction is later paidor accrued, he may deduct the federal tax in the later year tothe extent it would have been deductible if paid or accrued inthe prior year.
(L. 1972 S.B. 549, A.L. 1989 H.B. 35, et al., A.L. 1993 S.B. 380)