SB 1575

                                                                      6743S.04C
                        SENATE COMMITTEE SUBSTITUTE
                                       FOR
                            SENATE BILL NO. 1575
                                     AN ACT
         To repeal section 143.341, RSMo, and to enact in lieu
         thereof one new section relating to capital gains
         taxes.
Be it enacted by the General Assembly of the State of Missouri, as follows:
          Section A.    Section 143.341, RSMo, is repealed and one new
   section enacted in lieu thereof, to be known as section 143.341,
   to read as follows:
          143.341.    1. The Missouri taxable income of a resident
   estate or trust means its federal taxable income subject to
   the modifications in this section.
          2. There shall be subtracted the amount if any that
   the federal personal exemption deduction allowable to the
   estate or trust exceeds its federal taxable income without
   its personal exemption deduction.
          3. For all tax years beginning on or after January 1,
   2026, there shall be subtracted that amount included in
   Missouri taxable income of the estate or trust that would
   not be included as Missouri taxable income if said estate or
   trust were considered a nonresident estate or trust as
   defined in section 143.371.  This subtraction shall only
   apply to the extent it is not a determinant of the federal
   distributable net income of the estate or trust.
          4. There shall be added or subtracted, as the case may
   be, the modifications described in sections 143.121 and
   143.141, and there shall be subtracted the federal income
   tax deduction provided in section 143.171.  These additions
   and subtractions shall only apply to the extent that they
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are not determinants of the federal distributable net income
of the estate or trust.
    5. There shall be added or subtracted, as the case may
be, the share of the estate or trust in the fiduciary
adjustment determined under section 143.351.
    6. For all tax years beginning on or after January 1,
2026, to the extent included in federal adjusted gross
income, there shall be subtracted one hundred percent of all
income reported as a capital gain for federal income tax
purposes. This subtraction shall only apply to the extent
that they are not determinants of the federal distributable
net income of the estate or trust.
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