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Missouri Senate adopts bill letting taxpayers avoid penalties when expired tax credits are corrected
Summary
The Missouri Senate on Feb. 11 adopted a substitute to Senate Bill 67 that gives taxpayers a 60-day safe-harbor to repay amounts when a claimed tax credit has expired without penalties, and approved an amendment clarifying the definition of "taxpayer" so beginning-farmer deductions cover LLCs and similar entities.
The Missouri Senate on Feb. 11 adopted a substitute to Senate Bill 67 that creates a 60-day window for taxpayers to repay tax differences caused when a tax credit has expired without incurring penalties and, in some circumstances, interest. The substitute applies language already used in the Champions for Children tax credit (section 135.341) across all state tax credits and for future credits.
Sponsor remarks emphasized the measure as consumer protection. “What we're trying to do is protect taxpayers here from the nuisance more than anything,” the bill sponsor told the chamber, saying the…
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