Modifies provisions relating to the taxation of pass-through entities

This bill updates Missouri's tax laws to provide credits for residents who pay income taxes to other states or the District of Columbia on income earned there. It specifically clarifies how these credits apply to individuals, estates, trusts, and owners of pass-through businesses like S corporations and partnerships. The legislation defines the calculation for these credits and includes special rules for shareholders of out-of-state banks, ensuring they can claim tax benefits based on taxes paid by the bank on their behalf.