Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Missouri hearing examines bill to align taxation of resident family trusts with nonresident trusts
Summary
Supporters said House Bill 1259 would prevent Missouri-formed family trusts from being taxed on income earned outside the state, removing a perceived disincentive for families to form trusts in Missouri; witnesses and members asked about the fiscal note and collection authority.
House Bill 1259 would limit Missouri income taxation of resident family trusts so the state does not tax income earned outside Missouri, sponsor Rep. Bill Hardwick told the House Committee on Children and Families during a public hearing.
The bill’s sponsor, Representative Bill Hardwick, R-House District 121, told the committee HB 1259 “seeks to make sure that resident family trusts that are trusts that are formed in the state of Missouri are not a tax disadvantage to nonresident trust.” He said the bill would continue to tax income sourced to Missouri but would not allow Missouri to assess income earned outside the state.
Supporters said the change would remove a state-level disincentive for families to form trusts…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
