Missouri Replaces Emergency Rule & Implements SALT Parity Act With Regulation
The Missouri Department of Revenue has officially enacted 12 CSR 10-2.436 to implement the SALT Parity Act, more commonly known as the pass-through entity tax election. The regulation was previously enacted as an emergency rule, which was slated to expire July 9, 2023. The regulation is effective 30 days after publication in the Code of State Regulations.
The regulation explains:
- How a partnership or an S corporation may elect to become an affected business entity under Missouri Revised Statutes Section 143.436
- The timing of affected business entity tax return filing
- How to designate an affected business entity representative for a tax year
- The estimated tax obligations and withholding obligations of an affected business entity
- An aspect of the tax credit under the SALT Parity Act
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