HB 1 -- Taxation

Sponsor:  Campbell

This bill makes various changes related to taxation.  The bill:

(1)  Modifies the way losses and operating expenses are deducted
among parties for various types of property, including
intellectual property.  Minimum standards are established
regarding what connections among various corporate entities
constitute related parties and affiliated groups for multi-state
corporate income tax purposes;

(2)  Prohibits retailers from obtaining refunds of sales and use
taxes without crediting the original purchasers, except for
over-collections of less than $1,000 to be refunded without the
higher burden of returning the funds to the purchaser.  The
$1,000 threshold is an aggregate sum over a five-year period;

(3)  Eliminates the in-lieu tax on certain large boats or vessels
documented with the United States Coast Guard.  These boats and
vessels will be subject to state and local sales and use taxes;
and

(4)  Eliminates the timely filing allowance for employers
collecting and remitting state income tax withholdings.

The bill contains an emergency clause and will be effective on
the first day of the month following its approval.

Missouri House of Representatives
92nd General Assembly, 2nd Special Session
Last Updated September 12, 2003 at 3:43 pm