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Capital gains tax updates possible in MO

The executive vice president of the Missouri Cattlemen’s Association says eliminating capital gains taxes in the state would help the next generation of livestock producers.

Mike Deering tells Brownfield “we have people right now that would love to not wait until they’re dead to transfer their land to the next generation, but they’re afraid of how they’ll be impacted when it comes to taxes.”

During the regular session, Missouri lawmakers passed two bills that would eliminate capital gains taxes: House Bill 508 and House Bill 594.

“For all tax years beginning on or after January 1, 2025, the legislation authorizes a tax deduction for 100 percent of all income reported as capital gains for federal income tax purposes.”

The bills are awaiting a signature from Governor Mike Kehoe.

The Missouri Legislature has also been in a special session this week, considering infrastructure investments that didn’t advance in the regular session, including funding for projects at the Missouri State Fair.

Deering says the funding to build a new arena and barns on the grounds is needed and he’s optimistic lawmakers can approve the investment.