SB 1248 Modifies various provisions related to collection and refund procedures of sales and income taxes
Sponsor:Mathewson Co-Sponsor(s)
LR Number:4939S.21T Fiscal Note:4939-21
Committee:Rules, Joint Rules and Resolutions
Last Action:06/19/02 - Signed by Governor (w/EC) Journal page:
Title:CCS HS HCS SS SB 1248
Effective Date:Emergency Clause
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Current Bill Summary

CCS/HS/HCS/SS/SB 1248 - This act makes various revisions and reforms regarding state revenue and tax collection and assessment procedures. The provisions of this Conference Committee Substitute are as follows:

CALCULATION OF INTEREST ON REFUNDS: Requires the State Treasurer to calculate quarterly an annual rate of interest equal to the average rate of return on all funds invested by the State Treasurer. This calculated interest rate will be applied to situations for which Missouri pays interest to parties on various overpayments received by the state. Under current law, interest applied to most overpayments is based on the adjusted prime rate charged by banks (Section 32.068).

INTEREST ON REFUNDS: Allows interest to be paid on state tax refunds or overpayments only if payment is delayed for more than 120 days (Section 32.069).

TAX AMNESTY PROGRAM: Requires that amnesty shall be granted for all interest and additions to tax with respect to unpaid taxes that are paid in full between August 1, 2002, and October 31, 2002; such amnesty shall not apply to persons involved in a criminal or civil litigation related to the tax liability (Section 136.320).

DECOUPLE FROM FEDERAL ACCELERATED COST RECOVERY: Returns the current income tax law regarding tangible property depreciation to pre-March 2002 law in reference to the September 11, 2001, terrorist attacks; this section only affects items purchased between July 1, 2002 and June 30, 2003. (Section 143.121).

NET OPERATING LOSS: Prevents the federal NOL carry forward and carry back change from affecting Missouri; maintains the current 20 year carry forward and two year carry back (Section 143.121).

INTEREST ON TAX CREDIT CARRY BACK: Eliminates interest on tax credit carry backs claimed by amended returns (Section 143.811).

LOTTERY WINNINGS CLAIM PERIOD: Changes the period for claiming lottery winnings from one year to 6 months (Section 313.300).

LOTTERY FUND TRANSFER: Provides that $5 million of reserve funds in the State Lottery Fund will be transferred to the Schools of the Future Fund on July 1, 2002 (Section 313.301).

PROVIDER TAX FOR PRESCRIPTIONS: Imposes a tax upon licensed retail pharmacies in Missouri for the privilege of providing outpatient prescription drugs; an increase to the provider fee is implemented to offset this tax increase (Chapter 338).

ESTATE ESCHEAT FUND: Accelerates transfers of monies from courts into the abandoned property fund where they may be transferred to general revenue; the rightful owner of funds in the Abandoned Property Fund has a right to such money at all times (Section 447.532 & Chapter 470).

UNCLAIMED PROPERTY TIME LIMIT: Accelerates unclaimed property transfers from state entities to state treasurer from five or seven years to three; clarifies that monies held by courts include receiverships and custodianships; property seized and held by police is transferred to unclaimed property fund if not forfeited or claimed by owner (Sections 447.532 & 470.270 & 542.301)