|SB 0460||Technical clarifications to sales and use tax exemption for bullion and investment coins|
|LR Number:||1849L.07F||Fiscal Note:||1849-07|
|Committee:||Ways and Means|
|Last Action:||05/18/01 - In Conference||Journal page:|
|Title:||HS HCS SB 460|
|Effective Date:||August 28, 2001|
HS/HCS/SB 460 - This act makes various modifications relating to sales and use tax assessment and collection procedures of the Department of Revenue, including:
Allows the Department of Revenue (DOR) and the Administrative Hearing Commission (AHC) to abate or compromise all or part of the tax liability of a taxpayer in certain situations. (Sections 32.375 and 32.378)
Creates a sales tax holiday for clothing sold during a 4-day period in August, 2001, and again in August 2002. It applies to articles of clothing costing no more than $100. The state must hold local political subdivisions (LPS) harmless for tax revenues lost in August 2001, but the LPSs may opt local taxes out of the holiday in August 2002 and, thus, are not held harmless in that year. This provisions expires 7/1/2004. (Section 144.049) See SBs 334 & 228.
Prohibits refunds of state and local sales and use taxes if the retailer cannot identify the original purchasers and refund the overpayment of tax to those persons. Amounts not able to be re-paid to the original purchaser shall not be returned to the retailer, but shall be deposited into the state abandoned fund account. (Section 144.194)
Technical clarifications and corrections are made to the sales and use tax exemption for purchases of bullion and investment coins. (Section 144.815)
Creates the Simplified Sales & Use Tax Administration Act authorizing the Director of the Department of Revenue to enter into a cooperative agreement with other states for simplification of the administration of state sales and use taxes. Requires Missouri's appointed delegates to make annual recommendations to the House and Senate regarding necessary modifications to Missouri tax laws to comply with the agreement. Prohibits the Director from entering into such an agreement unless each member state is required by the agreement to:
1. Simplify sales and use tax rates; 2. Establish uniform standards for sales and use tax returns and remittances; 3. Allow for a centralized, electronic registration system, which allows a seller to register, collect and remit sales and use tax for all member states; 4. Restrict variances between state and local taxes; 5. Administer sales taxes such that sellers will not be subject to audits from local taxing jurisdictions; 6. Restrict the frequency of changes in local sales and use tax rates; 7. Establish notice requirements for changes in rates and in the boundaries of local taxing jurisdictions; and 8. Adopt a uniform policy for Certified Service Providers. (Sections 144.1050 - 144.1068) See SB 620.
Allows a sales tax exemption for retailers who donate high technology inventory to any public elementary or secondary schools and approved public institutions of higher learning. Aggregate annual cap of $150,000 per year. (Section 1)
Allows a state and local sales and use tax exemption for
admission fees charged for hunting of certain game birds and for
feed and equipment used in the domestic production of certain
game birds. (Section 2)
HA 1, PART I - TECHNICAL AMENDMENT TO CLARIFY REFERENCES TO TAX SECTIONS IN THE ACT.
HA 2, PART I - ADDS INSURANCE PROCEEDS RECEIVED AS A RESULT OF DAMAGE TO A VEHICLE, BOAT OR MOTOR TO THE DEFINITION OF "TRADE-IN", FOR PURPOSES OF COMPUTING THE OFF-SET VALUE OF A TRADE-IN WHEN COMPUTING SALES TAX ON THE PURCHASE PRICE OF A VEHICLE, BOAT OR MOTOR. (Section 144.025)
HA 3, PART I - EXEMPTS FROM STATE SALES TAX THOSE DUES OR FEES PAID TO HEALTH AND FITNESS CENTERS SOLELY FOR "HEALTH- BENEFIT ACTIVITIES", AS OPPOSED TO "RECREATIONAL ACTIVITIES". (Section 144.020)
HA 4, PART I - ALLOWS KANSAS CITY TO RE-SUBMIT A FAILED CAPITAL IMPROVEMENTS SALES TAX PROPOSAL TO THE VOTERS BEFORE THE EXPIRATION OF 12 MONTHS. THERE IS AN EMERGENCY CLAUSE FOR THIS SECTION. (Section 94.577)
HA 5, PART I - ALLOWS A SALES TAX EXEMPTION FOR MATERIALS AND SUPPLIES USED IN THE PRODUCTION OF PRINTED MATERIAL BY SIC GROUP 27 FIRMS, EXCEPT SIC 279 FIRMS, WHICH IS TO BE SOLD FOR FINAL USE AND CONSUMPTION. (Section 144.819)
HSA 1 FOR HA 1, PART II - MODIFIES THE SIMPLIFIED SALES & USE TAX ADMINISTRATION ACT TO ADD ADDITIONAL REPORTING REQUIREMENTS AND PROHIBITS THE DIRECTOR FROM ENTERING INTO SUCH AN AGREEMENT WITH OTHER STATES UNTIL LEGISLATION IS ENACTED WHICH WOULD BRING MISSOURI LAW INTO SUBSTANTIAL COMPLIANCE WITH THE REQUIREMENTS OF THE AGREEMENT.
HA 2, PART II - MODIFIES THE SIMPLIFIED SALES & USE TAX ADMINISTRATION ACT TO ALLOW THE MINORITY AND MAJORITY PARTIES IN THE HOUSE AND SENATE TO APPOINT MEMBERS TO REPRESENT MISSOURI IN THE UNIFORM AGREEMENT NEGOTIATIONS.
HA 3, PART II - ALLOWS A SALES TAX EXEMPTION FOR ITEMS OF TANGIBLE PERSONAL PROPERTY WHICH ARE DONATED TO THE STATE WITHIN 1 YEAR OF PURCHASE. (Section 144.817)