HB 366 -- INCOME TAX:  PENSION DEDUCTION

SPONSOR:  Champion

COMMITTEE ACTION:  Voted "do pass" by the Committee on Ways and
Means by a vote of 13 to 0.

This bill adds a proviso to state income tax law that disallows
a deduction for an annuity, pension, or retirement allowance to
the extent the amount is excluded from the federal gross
adjusted income or is otherwise deducted from the calculation of
state taxable income.

FISCAL NOTE:  Estimated Net Savings to General Revenue Fund of
$0 in FY 2002, and $1,616,490 in FY 2003 and FY 2004.

PROPONENTS:  Supporters say that the bill will disallow the
double deduction of certain pension income on the Missouri
income tax return that is already excluded on a taxpayer's
federal income tax return.

Testifying for the bill were Representative Champion; and
Silver-haired Legislature.

OPPONENTS:  There was no opposition voiced to the committee.

Bill Tucker, Assistant Director of Research

Missouri House of Representatives
Last Updated November 26, 2001 at 11:43 am