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Missouri Joining States With SALT Cap Workarounds This Year (1)

July 1, 2022, 5:02 PMUpdated: July 1, 2022, 9:04 PM

Missouri is offering business owners a way around the federal cap on deductions for state and local taxes.

Under a broader bill signed Friday by Gov. Mike Parson (R), pass-through businesses like partnerships and S corporations can elect to pay state income tax directly instead of having their individual owners pay tax on their share of the entity’s income.

Separately, Parson vetoed a bill offering one-time tax refunds to taxpayers and called for a special legislative session to rework the measure to provide Missourians with permanent tax relief.

Missouri is joining more than 20 states that have created similar pass-through ...