| 1 | 1 | | |
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| 2 | 2 | | EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted |
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| 3 | 3 | | and is intended to be omitted in the law. |
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| 4 | 4 | | FIRST REGULAR SESSION |
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| 5 | 5 | | SENATE BILL NO. 658 |
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| 6 | 6 | | 103RD GENERAL ASSEMBLY |
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| 7 | 7 | | INTRODUCED BY SENATOR CRAWFORD. |
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| 8 | 8 | | 2611S.01I KRISTINA MARTIN, Secretary |
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| 9 | 9 | | AN ACT |
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| 10 | 10 | | To repeal section 143.341, RSMo, and to enact in lieu thereof one new section relating to the |
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| 11 | 11 | | taxation of estates and trusts. |
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| 12 | 12 | | |
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| 13 | 13 | | Be it enacted by the General Assembly of the State of Missouri, as follows: |
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| 14 | 14 | | Section A. Section 143.341, RSMo, is repealed and one new 1 |
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| 15 | 15 | | section enacted in lieu thereof, to be known as section 143.341, 2 |
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| 16 | 16 | | to read as follows:3 |
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| 17 | 17 | | 143.341. 1. The Missouri taxable income of a resident 1 |
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| 18 | 18 | | estate or trust means its federal taxable income subject to 2 |
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| 19 | 19 | | the modifications in this section. 3 |
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| 20 | 20 | | 2. There shall be subtracted the amount if any that 4 |
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| 21 | 21 | | the federal personal exemption deduction allowable to the 5 |
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| 22 | 22 | | estate or trust exceeds its federal taxable income without 6 |
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| 23 | 23 | | its personal exemption deduction. 7 |
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| 24 | 24 | | 3. For all tax years beginning on or after January 1, 8 |
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| 25 | 25 | | 2026, there shall be subtracted that amount included in 9 |
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| 26 | 26 | | Missouri taxable income of the estate or trus t that would 10 |
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| 27 | 27 | | not be included as Missouri taxable income pursuant to 11 |
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| 28 | 28 | | section 143.381 as if said estate or trust were considered a 12 |
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| 29 | 29 | | nonresident estate or trust as defined in section 143.371. 13 |
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| 30 | 30 | | This subtraction shall only apply to the extent it is not a 14 |
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| 31 | 31 | | determinant of the federal distributable net income of the 15 |
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| 32 | 32 | | estate or trust. 16 |
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| 33 | 33 | | [3.] 4. There shall be added or subtracted, as the 17 |
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| 34 | 34 | | case may be, the modifications described in sections 143.121 18 SB 658 2 |
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| 35 | 35 | | and 143.141, and there shall be subtracted the federal 19 |
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| 36 | 36 | | income tax deduction provided in section 143.171. These 20 |
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| 37 | 37 | | additions and subtractions shall only apply to the extent 21 |
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| 38 | 38 | | that they are not determinants of the federal distributable 22 |
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| 39 | 39 | | net income of the estate or trust. 23 |
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| 40 | 40 | | [4.] 5. There shall be added or subtracted , as the 24 |
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| 41 | 41 | | case may be, the share of the estate or trust in the 25 |
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| 42 | 42 | | fiduciary adjustment determined under section 143.351. 26 |
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| 43 | 43 | | |
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