SB 461 Provides an alternative method for calculating Missouri taxable income for corporations
Sponsor: Wallingford
LR Number: 1919S.01I Fiscal Note not available
Committee: Ways and Means
Last Action: 4/4/2013 - Voted Do Pass S Ways and Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2013

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Current Bill Summary


SB 461 - Currently, to determine Missouri taxable income for a corporation, the in state sales are added to one-half the sales partially occurring in the state and this amount is then divided by the total amount of sales. This amount is then multiplied by the net income of the corporation to determine the Missouri taxable income. A sale is in state if the seller's shipping point and purchaser's destination point are both in this state. A sale is partially in this state if the seller's shipping point is in this state and the purchaser's destination point is outside this state, or vice versa.

This act determines Missouri taxable income for a corporation by dividing in state sales by the total amount of sales and multiplying this fraction by the net income of the corporation. A sale is in state if the purchaser's destination point is in this state. A sale is not in this state if the purchaser's destination point is outside this state.

This act is identical to HB 1029 (2013) and a provision in TATFP/HCS/HB 128 (2013).

MIKE HAMMANN