|
SB 574 - This act modifies several provisions relating to taxation. INDIVIDUAL INCOME TAX For all tax years beginning on or after January 1, 2021, this act reduces the top rate of tax by 0.3%, with an eventual top rate of tax of 4.8%. (Section 143.011) HIGHER EDUCATION ENDOWMENT TAX For all tax years beginning on or after January 1, 2021, this act imposes a tax on the endowments of qualifying institutions of higher education at a rate of 1.9% of the aggregate fair market value of the assets of such endowments. The tax shall apply to the endowments, as defined in the act, of higher education institutions that 1) are affiliated with, or provide medical faculty to, any abortion facility, 2) offer specific medical fellowships that offer training in performing or inducing abortions, or 3) support in any manner any abortion facility where abortions are performed or induced when not necessary to save the life of the mother. All revenues generated by the endowment tax shall be deposited in the General Revenue Fund. (Section 146.200) FETAL TISSUE EXCISE TAX This act imposes an excise tax on the sale of fetal organs or tissue at the rate of 10% of the sale price or valuable consideration received by the seller. The Director of Revenue shall issue stamps to accompany fetal organs or tissue to indicate the tax has been paid. Law enforcement agencies shall report to the Department of Revenue within forty-eight hours after seizing fetal organs or tissue, or making an arrest of an individual in possession of fetal organs or tissue, upon which a stamp has not been fixed. The Director shall assess and collect the tax, penalties, and interest on unpaid taxes, as described in the act. The provisions of the act shall not be construed to confer any immunity from criminal prosecution or conviction for a violation of law with respect to the sale of fetal organs or tissue. Any person required under this act to pay any tax, keep any records, or supply any information, who with intent to defraud willfully fails to pay such tax, keep such records, or supply such information, shall, in addition to other penalties provided by law, be guilty of a Class A misdemeanor. The tax collected under this act shall be deposited in the General Revenue Fund. (Section 188.800) This act is substantially similar to SCS/SB 188 (2019). JOSH NORBERG
|
