CCS/HCS/SS/SCS/SB 115 - This act modifies provisions relating to taxation.
TIMING OF INCOME TAX REFUNDS AND PAYMENT DEPOSITS (32.069, 136.110, 143.811)
Currently, interest begins accruing 90 days after April 15th on personal income tax refunds that have not been remitted to taxpayers. This act species that interest begins accruing within 45 days of the return being filed.
This act also require the Department of Revenue to deposit any payments received within 2 business days of receipt.
These provisions are similar to SB 350 (2015) and HB 811 (2015). These provisions are similar to provisions in SCS/HCS/HB 299 (2015) and SS/SCS/HCS/HBs 517 & 754 (2015).
TAX COLLECTION IN FORMER TOWNSHIP COUNTIES (65.620)
This act allows counties in which townships have been abolished to continue to collect a property tax on a county-wide basis for road and bridge purposes for either one year following the abolishment of the townships or until the county voters have approved a property tax for such purposes, whichever occurs first.
The property tax must be the same amount as the property tax being levied in the township with the lowest total tax rate immediately before the townships were abolished.
This act specifies that the collection of the property tax is to be considered a continuation of a tax and not a new tax.
This provision contains an emergency clause.
This provision is identical to SCS/SB 245 (2015). This provision is similar to a provision in SS/SCS/HCS/HBs 517 & 754 (2015), HCS/SS/SCS/SB 87 (2015), HCS/SB 405 (2015), and SCS/HCS/HB 613 (2015).
AUDITS OF TRANSPORTATION DEVELOPMENT DISTRICTS (105.145, 238.222, & 238.272)
This act requires the State Auditor to report to the Department of Revenue any transportation development district that is subject to a fine for failing to timely file its annual financial statement. The act requires that upon notification from the State Auditor, the Department of Revenue shall notify a transportation development district by certified mail that the financial statement has not been received and the district may be subject to a fine not to exceed five hundred dollars a day. The transportation development district subject to the fine must contest the fine or file the annual financial statement within thirty days, otherwise the fine will be enforced and collected by the Department of Revenue. The Department of Revenue is authorized to collect the fine by offsetting any sales tax distributions through any means permitted under law for the collection of taxes, and must annually distribute the revenues from the fines, less a two percent collection fee, to the schools of the county in the same manner that proceeds for all penalties, forfeitures, and fines collected for any breach of the penal laws of the state are distributed. This act provides that any transportation development district with gross revenues of less than one thousand dollars annually shall not be subject to the fine.
This act also requires any transportation development district to notify the State Auditor in writing of the date it organized and provide contact information for the current board of directors within four months of the date of formation was approved by any court in this state. Any district which has been previously organized and for which formation was approved prior to August 28, 2015, shall provide the above information to the State Auditor by December 31, 2015.
This act also modifies the maximum costs to be paid by the district for a statutorily permitted or petition audit of the district performed by the State Auditor to be only the actual costs and cannot exceed the greater of 3% of the district's gross revenues or 3% of its expenditures.
These provisions are similar to HB 777 (2015) and HB 136 (2015). These provisions are similar to provisions contained in HCS/SCS/SB 190 (2015).
BED AND BREAKFAST PROPERTY TAX CLASSIFICATION (137.016)
This act requires that bed and breakfast inns occupied by the owner with four or fewer rooms for rent be classified as residential real property for property tax purposes.
This provision is similar to a provision contained in HB 1314 (2015).
PROPERTY TAXES ON SHORT TERM RENTAL MERCHANDISE (137.018)
This act specifies that certain merchandise whether or not subject to a short term rental and which will ultimately be sold shall be considered inventory for property tax purposes and exempt from taxation. This provision is limited to general rental centers and construction, mining, and forestry equipment rental.
This provision is similar to SB 314 (2015) and HB 879 (2015). This provision is similar to a provision in SCS/HCS/HB 613 (2015) and SS/HB 616 (2015).
ASSESSMENT OF PROPERTY WITH CERTAIN RESTRICTIONS (137.076)
This act requires county assessors to use the income based approach when assessing parcels of real property with certain restrictions imposed on the property in connection with state or federal subsidies used on the property.
This provision is similar to a provision in SCS/HCS/HB 613 (2015), HCS/SB 148 (2015), and HCS/SS/SB 314 (2015).
REAL PROPERTY TAX SALES (140.170 - 140.420)
Currently, a county collector may advertise without a legal description or the names of the record owners, tax delinquent lands meeting certain requirements and which have an assessed value of $1,000 or less. This act increases the assessed value limit to $1,500 or less.
The act authorizes any collector, tax sale purchaser, or the agent of either to enter on the land of the another without being guilty of trespass if in the course of providing notice of a tax sale or tax sale redemption rights.
Currently, property must be redeemed within one year of a tax sale if the property is sold at a first or second offering. This act allows owners of property to redeemed until such time that the purchaser acquires a deed to the property.
The act prohibits costs incurred by a tax sale purchaser prior to March first after the tax sale from being included in the costs required to be paid by an owner before the property may be redeemed. County collectors will make the determination as to what are reasonable costs of sale a redeeming property owners must pay.
Currently, minors and incapacitated person must redeem property within one year of a disability being removed. This act requires redemption within five years of the last payment of taxes on the property by the minor, incapacitated person, or the representative of either.
Currently, tax sale purchasers must provide a title search to acquire a collector's deed. The title search cannot be more than 120 days from the date of application for the deed. This act removes the 120 day restriction.
The act specifies requirements for a tax sale purchaser to be issued a collector's deed. The act also specifies how notice maybe served on a minor or incapacitated person outside the United States.
Currently, tax sale purchasers must record a deed on the property within two years of the tax sale. This act requires a recording within 18 months.
This provision is similar to HB 613 (2015).
DEPENDENCY EXEMPTION FOR STILLBIRTHS (143.161)
This act extends the current dependency exemption of $1,200 to stillbirths. The taxpayer may only claim the exemption in the year of the stillbirth.
This provision is identical to SB 450 (2015), SB 471 (2015), and HB 649 (2015). This provision is identical to a provision in SS/SCS/HCS/HBs 517 & 754 (2015).
WITHHOLDINGS TAX FILING (143.221)
Currently, an employer is allowed to file an annual withholding tax return instead of four quarterly returns when the aggregate amount withheld is less than $20 in each of the four preceding quarters. The act changes the amount to less than $100 in each of the four preceding quarters if the employer is not otherwise required to file a withholding return on a quarterly or monthly basis.
This provision is similar to HB 502 (2015), HB 1224 (2014) and HB 105 (2013). This provision is similar to a provision in the perfected version of HB 1174 (2014), CCS/HCS/SS/SB 860 (2014), CCS/HCS/SB 584 (2014), the perfected version of HCS/HBs 1253 & 1297 (2014), the perfected version of HCS/HB 1295 (2014), HB 2073 (2014), and the perfected version of HB 253 (2013).
STATUTE OF LIMITATIONS ON TAX CREDITS AND REFUNDS (143.801)
This act allows a taxpayer to claim a credit or refund for overpayment of income taxes after the statute of limitations for making a claim has expired if the taxpayer amends or the IRS changes the taxpayer's federal income tax return after such period of time has expired. The taxpayer must make a claim for a credit or refund within one year of the amendment or changes.
This provision is similar to HB 268 (2015), and HB 1048 (2014). This provision is similar to a provision in SCS/HCS/HB 299 (2015), HCS/HBs 517 & 754 (2015), SCS/HCS/HB 811 (2015), and HB 1174 (2014).
INCOME TAX REFUND DEPOSITS INTO MOST ACCOUNTS (143.1028)
This act allows taxpayers to have a portion of their income tax refund deposited into Missouri Higher Education Savings Plan Accounts. Taxpayers may also make deposits into such accounts by submitting an additional amount with their tax payment.
This provision is similar to HB 1060 (2015) and a provision contained in SCS/HCS/HB 811 (2015).
SCHOOL SUPPLIES SALES TAX HOLIDAY (144.049)
This act adds graphing calculator costing no more than $150 to the types of school supplies eligible for the sales tax holiday. The act also reduces the amount that a computer can cost and still qualify for the sales tax holiday from $3,500 to $1,500.
The provision is similar to HB 410 (2015) and HB 1165 (2014). This provision is similar to a provision in SS/SCS/HCS/HBs 517 & 754 (2015), SCS/HCS/HB 1296 (2014), HCS/SB 584 (2014), and CCS/HCS/SS/SB 860 (2014).