Taxation Law
HCS HB 184 — Children’s Services Protection Act. Establishes the Children’s Services Protection Act which requires any city or county that has levied a sales tax under Section 67.1775, RSMo, for providing services to children in need to reimburse the community children’s services fund the amount of tax revenue that is used for or diverted to any tax increment financing project approved or adopted after August 28, 2007. (Signed 7/5/07)
SS HB 205 — Promotion of Tourism. Authorizes certain cities and counties to impose sales or transient guest taxes; extends the expiration date of the Tourism Supplemental Revenue Fund; and allows certain counties to establish theater, cultural arts, and entertainment districts. (Signed 6/26/07)
SS SCS HCS HB 327 — Economic Development. (See Property Law)
SS#2 SCS HCS HB 444, 217, 225, 239, 243, 297, 402 & 172 — Income Taxation. Beginning January 1, 2007, this bill authorizes an income tax deduction to be phased-in over six years for Social Security benefits, Social Security disability benefits, and benefits received from a nonprivate retirement system for individuals 62 years of age or older. A single taxpayer with an adjusted gross income of $85,000 or less or a married taxpayer filing a combined return with an adjusted gross income of $100,000 or less will qualify for the maximum deduction. If a taxpayer’s adjusted gross income exceeds the income amount, the deduction will be decreased by $1 for every dollar in excess of the maximum. If a taxpayer receives both Social Security benefits and public retirement benefits, the maximum deduction for the publicly funded retirement benefits will be decreased by $1 for every dollar of Social Security benefits received by the taxpayer if the benefits are not included in his or her Missouri adjusted gross income.
A nonresident individual is required to add back to his or her federal adjusted gross income the amount of any property taxes paid to another state that is deducted on his or her federal tax return to determine his or her Missouri taxable income.
The bill also authorizes an income tax deduction for 100% of the qualified health insurance premiums paid by the taxpayer for the taxpayer, taxpayer’s spouse, and taxpayer’s dependents if the premiums are not already deducted from the taxpayer’s federal taxable income. A checkoff box will be added to the Missouri income tax return for a contribution to the After-school Retreat Reading and Assessment Grant Program Fund. (Signed 7/5/07)
SS HCS HB 453 — Income Tax Credits for Certain Donations. Authorizes an income tax credit for donations of cash or food to any local food pantry.
The Residential Treatment Agency Tax Credit Act is revised so that an eligible donation made to a state agency providing services for children in residential facilities can include cash, publicly traded stocks and bonds, and real estate. These donations will be valued according to rules established by the Department of Social Services.
The provisions of the bill regarding the tax credit for donations to food pantries will expire four years from the effective date. (Signed 5/1/07)
HCS HB 654 & 938 — Veterans’ Programs, the Stolen Valor Act, and Property Tax Exemptions. (See Military/Veterans Law)
SS HCS HB 741 — Economic Development Programs. Changes the laws regarding tax increment financing, biodiesel incentives, regional economic development districts, and the Missouri Rice Certification Act. (Signed 6/26/07)
SCS HCS HB 795 — Local Public Improvements. (See Local Government Law)
SS#2 SCS HCS HB 818 — Health Insurance. (See Health/Hospital Law)
SCS SB 4 — Health Care Provider Tax. Extends the expiration date for the Missouri Medicaid Program’s managed care organization reimbursement allowance and the pharmacy tax from June 30, 2007, to June 30, 2009.
The expiration date of the federal reimbursement allowance assessment is extended to September 30, 2009, and the nursing facility reimbursement allowance is extended to September 30, 2011.
The bill contains an emergency clause. (Signed 5/31/07)
CCS HCS SB 30 — Taxation. Changes numerous laws regarding taxation.
Establishes the Children’s Services Protection Act which prohibits any sales taxes levied to provide services to children in need from being used or diverted to any tax increment financing project in Missouri;
Increases, beginning January 1, 2007, from $25,000 to $27,500 the maximum income allowed to claim the senior citizen/disabled person property tax credit and increases from $13,000 to $14,300 the minimum base;
Authorizes a refundable individual income tax credit for tax years beginning on or after January 1, 2008, for the amount of real property taxes paid on a homestead by surviving spouses of certain public safety officers who were killed in the line of duty;
Requires, beginning January 1, 2008, operators of storage facilities to provide documentation including the owner’s name, address, county of residence, and a description of the personal property to the county assessor where the rental or leasing facility is located for property tax purposes. The bill defines “personal property” as any house trailer, manufactured home, boat, vessel, floating home, floating structure, airplane, or aircraft;
Removes the solely in interstate commerce requirement for the trucking exemption and exempts personal property and utilities used in the research and development of agricultural/biotechnology and plant genomics products and utilities used in the research and development of prescription pharmaceuticals from state and local sales and use taxes;
Authorizes various tax exemptions;
Requires a retail sales licensee to obtain a statement from the Department of Revenue verifying that no sales tax is owed before the issuance or renewal of any city or county occupation license or any state license;
Assigns the Monroe City R-II School District to the county that will yield the highest dollar value modifier as it is used for the school foundation formula;
Allows household goods common carriers to file applications with the Highways and Transportation Commission for the approval of rates to reflect increases and decreases in the carrier’s costs. The bill also repeals, beginning January 1, 2008, the exemption that currently allows intrastate household goods movers to operate wholly in municipalities, between contiguous municipalities, or commercial zones without obtaining operating authority from the Department of Transportation. (Signed 6/13/07)
CCS HCS SB 81 — Promotion of Local Tourism and Economic Development. (See Local Government Law)
CCS#2 HCS SCS SB 86 — Tax Credits for Services for Children. Changes the laws regarding tax credits for children in crisis.
Revises the Residential Treatment Agency Tax Credit Act.
The bill contains an emergency clause. (Signed 6/30/07)
SB 162 — Claims For Income Tax Refunds. Changes the definition of “state agency” as it relates to the offsetting of state income tax refunds to include housing authorities created in Section 99.020, RSMo. (Signed 6/13/07)
SS SCS SB 215 — Regulation of Insurance Companies. (See Insurance Law)
SS SCS SB 225 — Hunting Heritage Protection Areas Act. (See Property Law)
CCS SB 233 — Local Taxes. Authorizes local taxes to fund various local services.
Establishes the Children’s Services Protection Act which prohibits any sales tax levied to provide services to children in need from being used or diverted to any tax increment financing project in Missouri. (Signed 6/30/07)
HCS SCS SB 497 — Counties. (See Local Government Law)