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HCS/SB 884 - This act modifies several provisions relating to taxation. RESIDENTIAL DWELLING RENTALS This act provides a definition for "residential dwelling rental", which shall be a single residential dwelling or any part thereof offered for rent to transient guests, as defined in the act. The act requires the owner of a residential dwelling rental, or a property manager or facilitation platform on behalf of the owner, to collect and remit any applicable sales tax, hotel tax, or any other transient guest tax, as described in the act. If a facilitation platform collects and remits the tax on behalf of an owner, such platform shall enter into an agreement with the Department of Revenue and any political subdivision with taxing authority to collect and remit such tax. If an owner maintains responsibility for remitting the tax, the owner shall obtain a certificate of no tax due and a retail sales tax license prior to advertising a residential dwelling rental on a platform or prior to renting a residential dwelling rental to a transient guest. (Section 67.5110) This act also modifies several transient guest taxes to include residential dwelling rentals in the types of facilities to which the tax applies. (Sections 66.390, 66.500, 67.180, 67.662, 67.1360, 92.327, 92.331, 94.005, 144.020) These provisions are substantially similar to HCS/HB 2457 (2018) and to provisions contained in HB 2569 (2018). This act modifies provisions relating to the St. Charles County Convention and Sports Facilities Authority. Current law prohibits elected or appointed officials of any political subdivision from being a commissioner on the Authority. This act allows appointed officials to be commissioners. (Section 67.1153) This act also allows St. Charles County to enter into an agreement with the Authority for the Authority to collect and perform all functions incident to the administration, collection, enforcement, and operation of the transient guest tax imposed by the county. The tax shall be due on the first day of the following calendar quarter, and the Authority shall collect a penalty of one percent per month, and interest of two percent per month on taxes that are not paid by thirty days after the last day of each quarter. This act requires, rather than allows, the Authority to file and prosecute suits to enforce the collection and payment of the transient guest tax. The act also requires, rather than allows, the Authority to recover damages, including litigation expenses. This act provides definitions for the terms hotel, motel, sleeping rooms, taxed facility, temporary, and transient guest. (Section 67.1158) This provision is identical to SB 1065 (2018). AMATEUR SPORTING EVENT TAX CREDIT This act modifies several provisions related to tax credits for amateur sporting events. The definition of "eligible costs" is modified to include bid fees and financial guarantees pledged to a site selection organization. The definition of "site selection organization" is also modified to include several additional organizations, as described in the act. Currently, an applicant is required to submit eligible costs and documentation to the Department of Economic Development no more than thirty days following the conclusion of the sporting event. This act changes such deadline to ninety days. Documented eligible costs paid may be paid either by the applicant or an entity co-hosting the event with the applicant. This act requires, rather than allows, the Department of Economic Development to determine the total number of tickets sold to the event, or, if such event is participant-based with no admission tickets, the total number of paid participant registrations. This act also requires, rather than allows, the Department to issue a tax credit pursuant to the provisions of the program. For the purposes of calculating the amount of the tax credit, an applicant shall be allowed $10 for every paid participant registration if the event is participant-based with no paid admission tickets. The aggregate amount of tax credits issued under this program is limited to $3 million per fiscal year. This act implements a fiscal year cap of $2.7M for all events located in Jackson or St. Louis Counties or St. Louis City. Collegiate football bowls and other neutral-site games with at least one out-of-state team shall be exempt from the competitive bid requirements of the program. Currently the Department is prohibited from accepting applications for this tax credit program after August 28, 2019. This act extends the program until August 28, 2030. (Section 67.3000) This act also extends the sunset for a tax credit for contributions to a local organizing committee or certified sponsor from August 28, 2019, to August 28, 2030. (Section 67.3005) This act is identical to HCS/HB 1438 (2018). CORPORATE INCOME APPORTIONMENT This act provides that intercompany transactions between corporations that file a consolidated return shall not be included in the definition of sales for the purposes of income apportionment. (Section 143.451) This provision is identical to HCS/HB 2638 (2018) and to a provision contained in HCS/SB 773 (2018) and HCS/HB 2540 (2018), and is similar to a provision contained in SS#2/SCS/SBs 617, 611, & 667 (2018). RETAIL SALES LICENSES Current law requires the Director of Revenue to require all applicants for a retail sales license and all current licensees in default in filing a return and paying taxes due to file a bond with the Director. This act allows, rather than requires, the Director to request such a bond. The act also removes the ability of the Director to request such a bond from a retail sales license applicant. (Section 144.087) FINANCIAL INSTITUTIONS TAX Current law allows certain financial institutions to receive a credit against the financial institutions tax for any corporate income tax paid. This act provides that, if the corporate income tax rate is reduced, the financial institutions tax rate shall be reduced proportionally. (Section 148.720) This provision is substantially similar to a provision contained in SS#2/SCS/SBs 617, 611, & 667 (2018) and HCS/SCS/SB 769 (2018). CORPORATE INCOME TAX RETURNS This act provides that entities not subject to corporate income taxes shall not be required to complete or file any document or return related to corporate income taxes. (Section 1) JOSHUA NORBERG
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