Missouri's House Bill 594 recently passed the House and awaits approval from Governor Mike Kehoe. If enacted, the bill allows residents to completely eliminate capital gains taxes on income reported as such, including Bitcoin sales. This legislation differentiates itself from a recent Rhode Island bill by adjusting both state and federal taxable income. Although it promises economic benefits and tax relief, its effect on state revenuesâan estimated loss of $300 million annuallyâposes a concern, particularly amid underfunding of public schools. Governor Kehoe's decision remains uncertain, reflecting a broader national discourse on taxation reform.
The Missouri adjusted gross income of a resident individual shall be the taxpayer's federal adjusted gross income subject to the modifications in the [bill].
Enacting HB594 into law would fuel economic growth in the state and provide tax relief for the average Missourian.
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