SB 195
Alters certain property and gaming tax policies and directs resulting revenue to several programs in higher education
LR Number:
Last Action:
1/24/2005 - Second Read and Referred S Ways & Means Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2005

Current Bill Summary

SB 195 - Under the provisions of this act, property taxes paid in other states by nonresidents would be included as adjusted gross income for Missouri income tax. The additional revenue generated from this alteration would be directed to the College Guarantee Fund.

The act also deletes the $500 loss limit, alters 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 in order 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 be utilized to restore core funding levels for community colleges and higher education to Fiscal Year 2002 appropriated levels. The act dedicates an amount not to exceed the Fiscal Year 2005 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 act holds certain higher education programs harmless at their Fiscal Year 2005 level of general revenue.

This act is similar to HB 1537 (2004).