Missouri HB3405: Modifies provisions of the "SALT Parity Act"

What the bill says

From the engrossed text:

SECOND REGULAR SESSION [PERFECTED] HOUSE BILL NO. 3405 103RD GENERAL ASSEMBLY INTRODUCED BY REPRESENTATIVE THOMPSON. 6234H.01P JOSEPH ENGLER, Chief Clerk To repeal section 143.436, RSMo, and to enact in lieu thereof one new section relating to the taxation of pass-through entities. Section A. Section 143.436, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 143.436, to read as follows: 143.436. 1. This section shall be known and may be cited as the "SALT Parity Act". 2. For the purposes of this section, the following terms shall mean: (1) "Affected business entity", any partnership or S corporation that elects to be subject to tax pursuant to subsection 11 of this section; (2) "Direct member", a member that holds an interest directly in an affected business entity; (3) "Indirect member", a member that itself holds an interest, through a direct or indirect member that is a partnership or an S corporation, in an affected business entity; (4) "Member": (a) A shareholder of an S corporation; (b) A partner in a general partnership, a limited partnership, or a limited liability partnership; or (c) A member of a limited liability company that is treated as a partnership or S corporation for federal income tax purposes; EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in the above bill …

Read the full official text

Sponsors

• Thompson, Terry (R, 053) · primary sponsor

Latest actions

1. April 30, 2026: Reported to the Senate and First Read (S)
2. April 30, 2026: Third Read and Passed (H) - AYES: 138 NOES: 0 PRESENT: 0
3. April 30, 2026: Taken Up for Third Reading (H)
4. April 28, 2026: Perfected (H)
5. April 28, 2026: Title of Bill - Agreed To
6. April 28, 2026: Taken Up for Perfection (H)
7. April 22, 2026: Reported Do Pass (H) - AYES: 11 NOES: 0 PRESENT: 0
8. April 20, 2026: Voted Do Pass (H)
9. April 20, 2026: Executive Session Completed (H)
10. April 2, 2026: Referred: Rules - Legislative(H)

Votes

• Third Read and Passed (H) (April 30, 2026): 138 yea, 0 nay, passed
• Reported Do Pass (H) (April 22, 2026): 11 yea, 0 nay, passed
• Reported Do Pass (H) (March 25, 2026): 8 yea, 0 nay, passed

Common questions

What is HB3405?

HB3405 is a bill in the Missouri Legislature (2026 Regular Session): Modifies provisions of the "SALT Parity Act".

What is the status of HB3405?

Passed one chamber as of April 30, 2026. Latest action: Reported to the Senate and First Read (S) (April 30, 2026).

Who sponsored HB3405?

Thompson, Terry (R, 053).

Where is the official record for HB3405?

On the Missouri Legislature website: https://house.mo.gov/BillContent.aspx?bill=HB3405&year=2026&code=R