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HCS/SCS/SB 174 - This act modifies several provisions relating to taxation. PUBLIC SAFETY OFFICER SURVIVING SPOUSE TAX CREDIT This act reauthorizes the Public Safety Officer Surviving Spouse tax credit until December 31, 2027. (Section 135.090) This provision is identical to a provision contained in SCS/SBs 632 & 675 (2018), SCS/HCS/HBs 1288, 1377 & 2050 (2018), and SS/HB 655 (2017). PERSONAL PROPERTY TAX Current law provides that aircraft that are at least twenty-five years old, are used solely for noncommercial purposes, and are operated less than fifty hours per year shall be assessed at five percent of the true value in money. This act changes that annual usage limit to one hundred fifty hours per year. (Section 137.115) This provision is substantially similar to HB 1205 (2019). MISSOURI ADJUSTED GROSS INCOME This act exempts interest received on deposits held at a federal reserve bank from Missouri adjusted gross income. (Section 143.121) This provision is identical to a provision contained in SCS/SB 46 (2019). This act provides that, for all tax years beginning on or after January 1, 2018, interest expenses paid or accrued in a previous taxable year, but allowed as a deduction in the current taxable year for federal tax purposes by reason of the carryforward of disallowed business interest provisions of federal law, shall be added to a taxpayer's federal adjusted gross income for the purposes of the calculation of Missouri adjusted gross income. This act also provides that, for all tax years beginning on or after January 1, 2018, interest expenses paid or accrued in the current taxable year, but not allowed as a deduction for federal tax purposes, shall be subtracted from a taxpayer's federal adjusted gross income for the purposes of the calculation of Missouri adjusted gross income. (Section 143.121) This provision is substantially similar to SCS/SB 410 (2019). CORPORATE TAXATION This act adds "qualified air freight forwarders", as defined in the act, to the definition of "corporation" as a transportation corporation for the purposes of corporate income allocation. (Section 143.441) TELECOMMUNICATIONS SALES TAX This act provides that if telecommunications services that are taxable under current law are aggregated with and not separately stated from charges for telecommunications services that are not taxable under current law, the nontaxable services may be subject to tax unless the telecommunications provider can identify by reasonable and verifiable standards the portion of the charges not subject to tax, as described in the act. This act is substantially similar to SCS/SB 483 (2019) and HB 1227 (2019). BANK FRANCHISE TAX CREDIT Current law provides for a tax credit for banking institutions to compensate for franchise taxes paid by banking institutions, as well as a tax credit that may be claimed in the event the corporate franchise tax is repealed by the General Assembly. Because the corporate franchise tax was repealed beginning January 1, 2016, for all tax years beginning on or after January 1, 2020, this act disallows the tax credit designed to compensate for the franchise tax. (Section 148.064) This provision is identical to SB 175 (2019) and HB 455 (2019). This act is substantially similar to HCS/HB 333 (2019). JOSHUA NORBERG HA 1 - THIS AMENDMENT PROHIBITS PENALTIES FOR CERTAIN LATE OR UNDERPAYMENTS OF INCOME TAX FOR THE 2018 TAX YEAR. HA 2 - THIS AMENDMENT REQUIRES A TELECOMMUNICATIONS PROVIDER TO NOTIFY THE DEPARTMENT OF ITS INTENTION TO IDENTIFY THE PORTION OF CHARGES NOT SUBJECT TO SALES TAX. HA 3, AS AMENDED - THIS AMENDMENT RESTRICTS THE USE OF LOCAL FUEL TAXES TO CERTAIN PROJECTS AND REQUIRES CERTAIN SELLERS TO INCLUDE ON RECEIPTS GIVEN TO PURCHASERS THE TOTAL RATE OF ALL SALES TAXES IMPOSED ON THE SALE. HA 4 - THIS AMENDMENT ALLOWS THE CITIES OF HIGGINSVILLE, ODESSA, LEXINGTON, AND SPRINGFIELD TO SUBMIT TO VOTERS A TRANSIENT GUEST TAX. HA 5 - THIS AMENDMENT PROVIDES THAT AN INCREASE IN THE ASSESSMENT OF REAL PROPERTY FOR RESIDENTIAL USE OF MORE THAN TEN PERCENT SHALL BE PRESUMED ERRONEOUS AND SUBJECT TO MODIFICATION IF SUCH ASSESSMENT IS APPEALED. HA 6 - THIS AMENDMENT REAUTHORIZES THE RESIDENTIAL RENOVATIONS FOR DISABILITY TAX CREDIT UNTIL DECEMBER 31, 2025.
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