HCSHBs594&508--INCOMETAXDEDUCTIONFORCAPITALGAINS
SPONSOR: Perkins
COMMITTEEACTION:Voted"DoPasswithHCS"bytheStanding
CommitteeonCommercebyavoteof6to3.
ThefollowingisasummaryoftheHouseCommitteeSubstituteforHB
594.
ForalltaxyearsbeginningonorafterJanuary1,2025,ataxpayer
maydeduct100%ofallincomereportedasacapitalgainfor
federalincometaxpurposes.
ThisbillisthesameasSB46(2025).
Thefollowingisasummaryofthepublictestimonyfromthe
committeehearing. Thetestimonywasbasedontheintroduced
versionofthebill.
PROPONENTS: Supporterssaythatbyallowingthecapitalgainstax
deduction,thebillimprovestheeconomicgrowthconditionsin
MissouritoattractnewbusinessesandmakesMissouricompetitive
withitsneighboringstates.Thebillstimulatesproductivity,
providestherelieftobusinessesandindustry,andfreesupthe
moneyforreinvestmentopportunities. Thisbillhelpsall
Missourians,includingretirees.
TestifyinginpersonforthebillwereRepresentative Perkins;
AssociatedIndustriesofMissouri;MissouriRealtors;NFIB;
MissouriSoybeanAssociation;MissouriCattlemen'sAssociation;
MissouriChamberofCommerceandIndustry;MissouriFarmBureau;
andMissouriCornGrowersAssociation.
OPPONENTS: Thosewhoopposethebillsaythatthereisno
mechanismforreplacingincomethatislostthroughcapitalgains
elimination. Itcreatesabudgetshortfallthatadverselyimpacts
essentialservices.
TestifyinginpersonagainstthebillwasArnieDienoff.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.