Missouri DOR Proposes to Amend Regulation Concerning Net Operating Losses on Individual Income Tax Returns

The Missouri Department of Revenue Feb. 1 proposed to amend a regulation regarding net operating losses on individual income tax returns. The rule includes measures to: 1) clarify that a taxpayer can’t have a negative federal adjusted gross income for purposes of computing Missouri adjusted gross income; 2) specify net operating loss deduction amounts that are required to be included as an addition modification in computing the Missouri income tax liability; 3) state that any amount of net operating loss deduction used in determining federal taxable income but disallowed may be carried forward and taken against any income on the ...