HCS/HB 1556 - This act 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, as set forth in subdivision 5 of subsection 2 of Section 143.451, RSMo. That subdivision of Chapter 143, RSMo, considers qualifying sales of such corporations to be considered wholly within Missouri only to the extent that the fund shareholders of the investment companies reside in Missouri.

The determination rendered by the Director would be binding if the business did relocate and if the business still met the requirements.

The act has an emergency clause.

This act is similar to SS/SCS/SB 959 (TAT)(2002).
JEFF CRAVER