HS/HCS/HB 1877 - This act modifies various provisions of the law to establish additional funding for schools. The act: (1) Authorizes a tax amnesty program allowing taxpayers to pay various back taxes owed prior to December 31, 2001, without penalty, additions to tax, or interest if the tax liability is paid in full during the period of August 1, 2002, through September 30, 2002; (2) Eliminates the timely filing allowance for employers who submit withholding tax; (3) Allows interest to be paid on state tax refunds only if payment is delayed for more than 120 days; (4) Eliminates interest on tax credit carrybacks; (5) Disallows non-Missouri source income for corporate income tax; (6) Requires the State Treasurer each calendar quarter to calculate an annual rate of interest equal to the average rate of return on all funds invested by the State Treasurer. This calculated interest rate is forwarded to the Department of Revenue and other applicable agencies to be applied to situations for which the State of Missouri pays interest to entities on various overpayments received by the state; (7) Allows the use of certain regulated money market mutual funds for investment of funds by the State Treasurer; (8) Expands the rate of interest required to be payed by banking institutions on time deposits of state moneys; (9) Allows the State Treasurer to temporarily exchange certain investment obligations acquired by the State Treasurer into cash; (10) Increases the admission fee charged against an excursion gambling boat for each patron from $2 to $3; and (11) Increases the adjusted gross receipts tax paid by excursion gambling boats from 20% to 22%. All revenues resulting from these changes will be deposited in the Schools of the Future Fund, created in the substitute. All moneys in the fund will be used solely for the purpose of fully funding state aid to public schools.
ERIC ROSENKOETTER