Modifies provisions relating to income tax on tips

HB 1670 corrects a misleading title; it does not address income tax on tips but modifies Missouri's tax calculation rules for adjusted gross income. The bill repeals existing tax provisions and adds new rules to adjust federal tax items when calculating Missouri income tax, including: adding back certain federal tax refunds (excluding pandemic-related credits), including interest on specific government bonds, and adjusting deductions for property purchases and net operating losses. These changes affect all Missouri taxpayers who file state income tax returns, as they alter how federal tax items are treated for state tax purposes. The bill focuses on aligning Missouri's tax code with federal adjustments rather than creating new tax rates or exemptions.