Modifies and creates new provisions related to the regulation and treatment of certain state financial instruments
Maddy summaryHB 1955 updates Missouri state laws regarding how the state manages its financial assets and how residents calculate their state income taxes. The bill requires the state treasurer to keep at least one percent of state funds in local banks as cash or interest-bearing deposits, provided these funds are not needed for current expenses. It also modifies the state income tax code by adding specific federal tax refunds and interest amounts to a taxpayer's income while allowing certain deductions to be subtracted. These tax adjustments are designed to align Missouri's tax calculations with changes in federal tax laws, such as rules on business interest and property tax deductions.
In committee May 16, 2024
1 co-sponsor