Agriculture Disaster Relief Subtraction

Senate Bill 641 (Section 143.121.3(10), RSMo) creates an income tax subtraction for payments received from a program that compensates agricultural producers who have suffered a loss due to a disaster or emergency. The subtraction can be claimed on the Missouri Individual Income Tax Return (Form MO-1040), Missouri Fiduciary Income Tax Return (Form MO-1041), and the Missouri Corporation Income Tax Return (Form MO-1120) for tax years beginning on or after January 1, 2014.

Additional information can be found at: http://dor.mo.gov/faq/personal/agricultural_disaster.php

Bring Jobs Home Act

Senate Bill 861 was passed by the General Assembly in the 2016 Regular session and it was signed into law by Governor Nixon on July 1, 2016.  Senate Bill 861 creates the Bring Job Homes Act and provides for a deduction if your corporation accrued expenses associated with relocating a business to Missouri from federal taxable income to determine Missouri taxable income. The deduction is limited to 50% of eligible in-sourcing expenses and cannot exceed the taxpayer’s Missouri taxable income. The Bring Jobs Home Deduction is approved by the Missouri Department of Economic Development.  For additional information, visit http://ded.mo.gov or contact the Department of Economic Development at P.O. Box 118, Jefferson City, MO 65102-0118.

Filing Deadline for 2016

The tax filing deadline for 2016 calendar year filers will be April 18, 2017.    This deadline is consistent with the deadline change for filing federal tax returns.

Update on Corporate and Partnership Due Dates for 2016

The federal government signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Section 2006 of PL 114-41) into law on July 31, 2015.  This Act sets new due dates for filing federal partnership and C corporation returns for tax years beginning after December 31, 2015.

The change to the federal due dates will not affect the due dates for the Missouri corporation income tax return and Missouri partnership return as these due dates are governed by Missouri statute.  Per Chapter 143.511 and 143.581, RSMo, the due date for the corporate and partnership returns are on or before the 15th day of the fourth month following the close of the taxable year.

Since Chapter 143.551.1, RSMo, allows for a 6 month extension from the due date, the extended due date for Missouri corporate returns will not change for tax year 2016.  Missouri corporate returns with an extension (state or federal) will have until October 15 as the extended due date.  Beginning in tax year 2016, Missouri partnership returns with an extension will have until October 15 as the extended due date.

The Department will update information about the extended due dates in the instructions for the 2016 Missouri partnership and corporate tax returns.  Information about the extended due dates will also be updated on the “Application for Extension of Time to File” form (Form MO-7004).