Signed by Governor Mike Parson

Vote Smart's Synopsis:

Vote to pass a bill that amends and modifies taxation of pass through entities in Missouri.

Highlights:

• Specifies that Any member of an affected business entity may elect not to have tax imposed under this section with respect to the affected business entity's separately and non-separately computed items (Sec. 1). 

• Specifies If one or more members of the affected business entity make an opt-out election, the affected business entity shall, in computing the tax under this section, subtract the opt-out members' allocable items described in the preceding sentence (Sec. 1).

• Specifies that an opt-out election shall be considered timely filed for a tax year, and for all subsequent tax years, if filed before or in conjunction with the annual return for such tax year (Sec. 1). 

Full Bill Text