Modifies provisions relating to the calculation of income tax, repealing income tax subtractions for certain capital gains

HB 3376 repeals Missouri's income tax subtractions for certain capital gains, directly affecting individual taxpayers who previously reduced their Missouri taxable income using these deductions. The bill modifies how Missouri calculates income tax by removing specific subtractions, requiring taxpayers to include amounts previously excluded - such as gains from property with higher Missouri basis than federal basis - into their taxable income. This change aligns Missouri's tax calculation more closely with federal rules for these specific capital gains scenarios, eliminating a prior tax benefit. The bill does not alter tax rates but adjusts the income base for affected taxpayers.