Missouri Governor Signs Law Expanding Individual Income Tax Deduction for Long-Term Health Insurance Premiums

The Missouri Governor July 7 signed a law expanding tax deductions from long-term health insurance premiums for individual income tax purposes. The law includes measures: 1) allowing a resident individual to deduct 100 percent of non-reimbursed amounts paid for long term care insurance beginning Dec. 31, 2020; 2) providing temporary, partial, and total disability payments be made to a claimant by check, other negotiable instruments, or electronic transfer; and 3) clarifying that the Second Injury Fund Surcharge isn’t subject to any tax, licenses, or fees. The law generally takes effect Aug. 28. [/MO\FINAL\2021R1HB604///, enacted 07/07/21]

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