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Missouri senators discuss bills to authorize capital-gains deduction; measures set aside
Summary
Missouri senators debated House Bills 594 and 508, which a bill handler described as authorizing an income-tax deduction for capital gains. Minority Floor Leader Doug Beck criticized the measures as a handout to wealthy taxpayers and corporations. Both bills were set aside for future consideration ahead of the legislature's mid-session recess.
Missouri senators spent time on discussion of House Bills 594 and 508, measures that a bill handler described as authorizing an income-tax deduction for capital gains. Senator Curtis Trent of Battlefield, the bill handler, said, "this measure would authorize an income tax deduction for capital gains."
Senate Minority Floor Leader Doug Beck of Afton disputed the premise and criticized the bills, saying, "They're gonna basically give a handout to billionaires and corporations to pay their federal capital gains tax. That's what this bill does." Beck also noted that Missouri does not have a separate capital-gains tax because capital gains are taxed under the state's income-tax rate.
The bills were set aside for future consideration and not advanced during the floor session. Lawmakers are in the tenth week of the first regular session of the 103rd General Assembly; senators will take their annual mid-session recess next week and will return with eight weeks remaining in the regular session, reporting at the state capital, Dean Morgan said.
