SS SCS SB 959 -- INVESTMENT FUNDS SERVICE CORPORATIONS

CO-SPONSORS:  Kenney, Kinder (Rizzo)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Commerce and Economic Development by a vote of 15 to 0.

This substitute requires the Director of the Department of
Economic Development to determine whether or not an investment
funds service corporation or S corporation not currently
headquartered in Missouri would, if it were to relocate its
principal business headquarters to Missouri, be able to take
advantage of the annual election to determine its taxable income
in one of two ways.  The determination rendered by the director
will be binding if the business does relocate and if the business
still meets the requirements.

The substitute has an emergency clause.

FISCAL NOTE:  Estimated Net Income to General Revenue Fund of
Unknown in FY 2003, FY 2004, and FY 2005.

PROPONENTS:  Supporters say that the substitute allows the
Department of Economic Development to pre-certify Waddell & Reed,
for tax purposes, so that the company has full information before
deciding to relocate its business headquarters to Missouri.
Without this pre-certification, Waddell & Reed may decide not to
relocate to Missouri.

Testifying for the bill were Representative Rizzo; and Waddell &
Reed, Incorporated.

OPPONENTS:  There was no opposition voiced to the committee.

Alice Hurley, Legislative Analyst

Missouri House of Representatives
Last Updated October 11, 2002 at 9:04 am