Authorizes an income tax subtraction for compensation for work in excess of a 40 hour workweek

HB 2315 proposes changes to Missouri's income tax calculation by adjusting how federal income tax rules are applied to state returns. The bill primarily affects Missouri taxpayers by adding specific federal tax items back into their income while simultaneously subtracting other federal deductions from their taxable income. Key provisions include adding back certain federal tax refunds, interest on government bonds, and business interest expenses, while subtracting amounts related to U.S. government interest, capital gains, and military combat pay. These adjustments are designed to align state tax liability with federal tax definitions, ensuring that income taxed federally is also taxed by the state under modified rules.