US EditionMissouri poised to become first U.S. state to exempt stock sale profits from income taxes
- Missouri passed legislation on Wednesday to exempt individual capital gains from state income tax starting this year in Jefferson City.
- The Republican-led Legislature pushed the bill despite Democratic objections and expanded it to include breaks for seniors, disabled residents, and sales tax exemptions.
- In 2022, approximately 542,000 Missouri residents who filed individual income taxes realized capital gains, and projections indicate that eliminating the capital gains tax could lower state revenues by between $262 million and nearly $600 million each year.
- Jonathan Williams of the American Legislative Exchange Council explained that imposing taxes tends to reduce the activity being taxed, reinforcing arguments that the tax deters investment.
- While proponents expect economic growth and higher future revenues, opponents warn the repeal may worsen inequities and reduce funding for public schools and services.
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40 Articles
Missouri bill exempting capital gains from income tax sent to governor - Springfield Daily Citizen
Missouri House Republicans muscled their biggest tax-cut priority of the year across the finish line on Wednesday. The post Missouri bill exempting capital gains from income tax sent to governor appeared first on Springfield Daily Citizen.
Missouri Legislature passes tax cut plan for investments, diapers, seniors - Missourinet
Missouri is one signature away from having new tax cuts. The state legislature has sent a wide-ranging tax cut package to Gov. Mike Kehoe’s office. House Bill 594 is sponsored by House Speaker Pro Tem Chad Perkins, R-Bowling Green. The bill would: *Eliminate the state tax on capital gains, which involves profits for things like […]
Marietta Daily Journal
House passes bill that allows income tax reduction for capital gains
The Missouri House passed two bills that will allow Missourians to keep capital gain profits.
Cherokee Tribune Ledger News
Missouri bill exempting capital gains from income tax sent to governor
Missouri House Republicans muscled their biggest tax-cut priority of the year across the finish line on Wednesday, sending a bill exempting capital gains from income tax to Gov. Mike Kehoe. No Democrats supported the bill, although 10 did vote “present”…
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