HB 1537 -- Revenues for Higher Education

Sponsor:  Graham

This bill provides additional revenues that are directed to
several programs in higher education.  The bill makes property
taxes paid in other states by nonresidents an addition to the
adjusted gross income for Missouri income tax and directs the
additional revenue to the College Guarantee Fund.  The bill also
deletes the $500 loss limit, changes the admission fee to
excursion gambling boats from $2 per time period to a $4 daily
fee, and raises the gross receipts tax on the boats from 20% to
21%.  The additional revenues from the gross receipts tax
increase are directed to the Higher Education Investment Fund to
meet bond obligations for various projects.  Any remaining
proceeds will fund student financial aid programs, and further
proceeds up to $12 million will endow chairs in life sciences at
the University of Missouri.  Any remaining proceeds will go to
restore core funding levels for community colleges and higher
education to Fiscal Year 2002 levels.  The bill dedicates an
amount not to exceed the Fiscal Year 2004 level of the gross
receipts tax to the Gaming Proceeds for Education Fund.  The
additional revenues must not supplant general revenue or lottery
proceeds for higher education.  The bill holds certain higher
education programs harmless at their Fiscal Year 2004 level of
general revenue.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:15 am