Bill Search

SB 207 – Sales Tax Exemption. Exempts contractors from paying sales taxes on materials used in Department of Transportation projects.

SB 209 (See also HB 165) – Modifies provisions of the Municipal Telecommunications Business License Tax Simplification Act. (See Local Government Law)

SB 214 – Tax liability for limited liability companies. (See Business Law)

SB 301 – Creates a tax credit for family friendly work programs. Creates a tax credit in an amount equal to fifty percent of the expenses incurred by an employer for the implementation of a family friendly work program. A family friendly work program requires an employer to allow full-time employees to utilize at least two of the following: compressed work schedules; flextime; on-site day care; part-time positions; and telecommuting. The tax credit is a fully transferable, non-refundable tax credit that may be carried forward three years until fully claimed. The tax credit has an annual aggregate cap of four million dollars.

SB 450 – Income taxation of married couples. Modifies income taxation of married couples with taxable incomes of less than $100,000. Provides for the Missouri taxable income, of resident taxpayers filing combined returns with less than $100,000 in combined taxable income to be taxed at six percent of the amount over $9,000.

HB 129 – Corporate net operating losses. Changes the way corporate net operating losses are calculated and removes the restriction for specific depreciation deductions. Allows net operating losses to be used to offset amounts due for withholding taxes. Removes the requirement that 50% or more of the income of an affiliated group of corporations be derived from sources within this state to file a consolidated Missouri income tax return.

HB 218 – Corporate income tax. Authorizes a gradual reduction in the corporate income tax rate for tax years beginning September 1, as follows: 2007 from 6.25% to 5%; 2008 to 3.75%; 2009 to 2.5%; 2010 to 1.25%; and 2011 and after no corporate income tax will be imposed.

HB 219 (See also HB 458) – Franchise tax. Changes the annual franchise tax rates and income threshold amounts for corporations beginning with tax year 2008. Eliminates the annual franchise tax rate by tax year 2012.

HB 365 – Small business and entrepreneurial growth act. (See Business Law)

HB 385 – Personal property taxes. Requires counties to collect quarterly payments of personal property taxes.