Vote Smart's Synopsis:

Vote to pass a bill that exempts capital gains from Missouri income tax beginning in tax year 2025 in Missouri.

Highlights:

• Authorizes Missouri taxpayers to deduct 100% of capital gains from their state income tax starting on January 1, 2025 (Sec. 143.121.3).

• Specifies that for capital gains from the sale of farmland to beginning farmers, taxpayers may deduct (Sec. 143.121.10):

• 100% on the first $2 million;

• 80% on the next $1 million;

• 60% on the next $1 million;

• 40% on the next $1 million; and

• 20% on the next $1 million.

• Defines a “beginning farmer” as a person with limited past farming experience who meets state or federal eligibility rules (Sec. 143.121.10).

• Requires the Missouri Department of Agriculture to certify beginning farmers and report annually to lawmakers on the program (Sec. 143.121.10).

Full Bill Text