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SS/SB 704 - This act modifies several provisions relating to taxation. FINANCIAL REPORTS OF POLITICAL SUBDIVISIONS Current law requires political subdivisions to submit an annual report of the financial transactions of the political subdivision to the State Auditor, with any political subdivision failing to do so subject to a fine of $500 per day. This act provides that any political subdivision that has gross revenues of less than $5,000 or that has not levied or collected sales or use taxes in the fiscal year for which the annual report was not timely filed shall not be subject to the fine. This act also provides that if the annual report was not filed as a result of fraud or other illegal conduct by an employee or officer, such political subdivision shall not be subject to a fine if the annual report is filed within thirty days of the discovery of the fraud or illegal conduct. The act authorizes the Director of Revenue to make a one-time reduction in the amount of outstanding fines for political subdivisions filing its first annual report after January 1, 2021, or if the Director determines the fine to be uncollectible, as described in the act. For any political subdivision with outstanding fines or penalties that does not file an annual report by January 1, 2021, or that files such report but fails to file any subsequent report, the Director of Revenue shall initiate the process to disincorporate the political subdivision. If a resident of the political subdivision believes the annual report has not been filed, he or she may file an affidavit with the Department of Revenue, which shall investigate. If the report has not been filed, the political subdivision shall file it within ninety days. If the political subdivision fails after ninety days to file the annual report, the Director of Revenue shall initiate the process to disincorporate the political subdivision. The question of whether a political subdivision shall be disincorporated shall be submitted to the voters, as described in the act. If a majority of voters vote for disincorporation, the circuit court shall appoint an administrative authority for the political subdivision, as described in the act. (Section 105.145) This provision is identical to HCS/HB 1854 (2020). DOMESTIC VIOLENCE SHELTER TAX CREDIT Current law authorizes a tax credit for contributions to domestic violence shelters in an amount equal to fifty percent of the contribution, with the maximum annual amount of tax credits limited to $2 million. This act increases the tax credit from fifty percent of the amount contributed to seventy percent beginning July 1, 2021, and increases the limit on the cumulative amount of tax credits claimed by all taxpayers in a fiscal year to $4 million beginning July 1, 2021. This act also adds a definition of "rape crisis center" to allow taxpayers to receive tax credits for contributions to such facilities. (Section 135.550) This provision is identical to a provision contained in SS/SCS/SB 648 (2020) and is substantially similar to SB 958 (2020). ASSESSMENT OF CERTAIN PROPERTIES This act reclassifies stationary property used for transportation or storage of liquid and gaseous products, including, but not limited to, petroleum products, natural gas that is not propane or LP gas, water, and sewage, from real property to tangible personal property. (Section 137.010) Beginning January 1, 2020, the provisions of current law relating to depreciable tangible personal property shall apply to all stationary property used for transportation or storage of liquid and gaseous products, including, but not limited to, petroleum products, natural gas that is not LP gas, water, and sewage that was or will be placed in service at any time. (Section 137.122) These provisions are substantially similar to SCS/SB 785 (2020). PROPERTY TAXES This act modifies several provisions relating to property taxes. This act reauthorizes the Homestead Preservation Act tax credit program, which provided a property tax credit for qualified senior citizens and disabled individuals who experience increases in property tax liabilities over a certain threshold until it expired on August 28, 2010, and was repealed on August 28, 2018. This program is reauthorized beginning with the 2021 tax year and shall sunset after three years unless reauthorized by the General Assembly. (Section 137.106) This provision is substantially similar to SB 60 (2017), SB 634 (2016), SB 77 (2015), SB 558 (2014), HB 1131 (2014), SB 39 (2013) and HB 1200 (2012), and is similar to SB 870 (2014). For property tax assessments, current law provides that assessors shall notify property owners of an increase in the property owner's assessed valuation by June 15. This act requires such notifications in St. Louis County to include information regarding the assessment method and computation of value for such property and, for properties valued using sales of comparable properties, a list of such comparable properties and the address or location and purchase prices from sales thereof that the assessor used in determining the assessed valuation of the owner's property. (Section 137.180) Current law allows certain counties and St. Louis City to reimburse taxpayers who successfully appeal a property tax assessment to the State Tax Commission for appraisal costs, attorney fees, and court costs, with such reimbursements limited to $1,000 for residential appeals and the lesser of $4,000 or 25% of the tax savings resulting from the appeal for other non-residential appeals. Beginning January 1, 2021, this act increases such limits for St. Louis County to $6,000 for residential appeals and the lesser of $10,000 or 25% of the tax savings resulting from the appeal for other non-residential appeals. (Section 138.434) These provisions are substantially similar to SB 547 (2020). TAXATION OF PARTNERSHIPS This act requires taxpayers in a partnership to report and pay any tax due as a result of federal adjustments from an audit or other action taken by the IRS or reported by the taxpayer on an amended federal income tax return. Such report shall be made to the Department of Revenue on forms prescribed by the Department, and payments of additional tax due shall be made no later than 180 days after the final determination date of the IRS action, as defined in the act. Partners and partnerships shall also report final federal adjustments as a result of partnership level audits or administrative adjustment requests, as defined in the act. Such payments shall be calculated and made as described in the act. Partnerships shall be represented in such actions by the partnership's state partnership representative, which shall be the partnership's federal partnership representative unless otherwise designated in writing. Partners shall be prohibited from applying any deduction or credit on any amount determined to be owed under this act. The Department shall assess additional tax, interest, and penalties due as a result of federal adjustments under this act no later than three years after the return was filed, as provided in current law, or one year following the filing of the federal adjustments report under this act. For taxpayers who fail to timely file the federal adjustments report as provided under this act, the Department shall assess additional tax, interest, and penalties either by three years after the return was filed, one year following the filing of the federal adjustments report, or six years after the final determination date, whichever is later. Taxpayers may make estimated payments of the tax expected to result from a pending IRS audit. Such payments shall be credited against any tax liability ultimately found to be due. If the estimated payments made exceed the final tax liability, the taxpayer shall be entitled to a refund or credit for the excess amount, as described in the act. The provisions of this act shall apply to any adjustments to a taxpayer's federal taxable income or federal adjusted gross income with a final determination date occurring on or after January 1, 2021. (Section 143.425) This provision is identical to SCS/SB 220 (2019), is substantially similar to HB 477 (2019), and is similar to SB 897 (2018). TERRORIST ATTACK VICTIMS TAX RELIEF This act provides an income tax exemption for victims who die as a result of wounds or injury incurred as a result of the terrorist attacks against the United States on September 11, 2001, or as a result of illness incurred as a result of an attack involving anthrax occurring on or after September 11, 2001, and before January 1, 2002. Such income tax exemption shall apply for the period beginning in the tax year such injuries occurred and ending in the tax year of such victim's death. The tax exemption provided by this act shall not apply to the amount of any tax imposed which would be computed by only taking into account the items of income, gain, or other amounts determined to be taxable under federal law, as described in the act. This act shall not apply to any individual as a participant or conspirator in any such attack or a representative of such an individual. Provisions in current law requiring a claim for refund to be filed within three years from the time the return is filed shall not apply to refunds claimed pursuant to this act. (Section 143.991) This provision is substantially similar to SB 742 (2020). CLOSURE OF COUNTY HOSPITAL DISTRICTS This act provides that, upon the dissolution of a county hospital district in Ripley County levying a sales tax for the purpose of funding the district, the sales tax shall be automatically repealed and twenty-five percent of the funds remaining in the special trust fund shall be distributed to the county public health center and seventy-five percent shall be distributed to a federally qualified health center located in the county. (Section 205.202) This provision is identical to SCS/SB 616 (2020) and HB 2376 (2020). CERTIFIED PUBLIC ACCOUNTANTS Under this act, the Missouri State Board of Accountancy may obtain information regarding peer review from any approved American Institute for Certified Public Accountants peer review program. The Board may obtain the name and address of the public accounting firm, the firm's dates of enrollment in the program, the date of acceptance and the period covered by the firm's most recently accepted peer review, and if applicable, whether the firm's enrollment in the program has been dropped or terminated. (Section 326.289) This provision is identical to SCS/SB 219 (2019) and to a provision contained in SCS/SB 703 (2020), and is substantially similar to provisions contained in HB 585 (2019), HB 943 (2019), and SCS/HB 705 (2019). LIMITED LIABILITY COMPANIES Every limited liability company (LLC) and foreign limited liability company (foreign LLC) is required to file an information statement with the Secretary of State (SOS) once every 5 years, accompanied by a fee of $15, or $5 if filed electronically. The SOS is permitted to administratively cancel the articles of incorporation of an LLC or the registration of a foreign LLC for failure to timely file an information statement. The act provides procedures for allowing a foreign LLC to apply to the SOS to have its registration reinstated following such a cancellation. Procedures are also created allowing an LLC to apply for reinstatement following the erroneous or accidental filing of a notice of winding up or notice of termination. (Sections 347.044, 347.179, and 347.183) The act reduces various filing fees imposed on LLC's and partnerships for filing certain documents with the SOS and provides for reduced fees for filing certain documents in an electronic format. Additionally, the act requires a fee of $95 for filing a withdrawal of an erroneously or accidentally filed notice of winding up or articles of termination. (Sections 347.179, 347.183, 358.460, and 358.470) These provisions are identical to SB 720 (2020), are substantially similar to HCS/HB 1590 (2020), and are similar to SCS/SB 285 (2019) and HB 555 (2019). CAPITOL COMPLEX TAX CREDIT ACT This act creates the Capitol Complex Tax Credit Act. The Capitol Complex Fund is authorized to receive any eligible monetary donation, as defined in the act, and shall be segregated into two accounts: a rehabilitation and renovation account, and a maintenance account. Ninety percent of the revenues deposited into the fund shall be placed in the rehabilitation and renovation account and seven and one-half percent of revenues deposited in the fund shall be placed in the maintenance account. The remaining two and one-half percent of the funds may be used for the purposes of fundraising, advertising, and administrative costs. The choice of projects for which money is to be used, as well as the determination of the methods of carrying out the project and the procurement of goods and services, shall be made by the Commissioner of Administration. No moneys shall be released from the fund for any expense without the approval of the Commissioner of Administration. For all taxable years beginning on or after January 1, 2020, any qualified donor, as defined in the act, shall be allowed a credit against any state income tax (except employer withheld taxes) or state taxes imposed on financial institutions for an amount equal to fifty percent of the monetary donation amount. Any amount of tax credit that exceeds the qualified donor's state income tax liability may be refunded or carried forward for the following four years. For all taxable years beginning on or after January 1, 2020, a qualified donor shall be allowed a credit against any state income tax (except employer withheld taxes) or state taxes imposed on financial institutions for an amount equal to thirty percent of the value of the eligible artifact donation, as defined in the act. Any amount of tax credit that exceeds the donor's tax liability shall not be refunded for artifacts, but the credit may be carried forward for four subsequent years. The Department of Economic Development shall not issue tax credits for donations to the Capitol Complex Fund in excess of $10 million per year in the aggregate. Donations received in excess of the cap shall be placed in line for tax credits the following year. Alternatively, a donor may donate without receiving the credit or may request that their donation is returned. Tax credits issued for donations under this act are not subject to any fee. Tax credits issued under this act may be assigned, transferred, sold, or otherwise conveyed. These provisions shall sunset six years after August 28, 2020, unless reauthorized by the General Assembly. (Section 620.3210) These provisions are identical to SCS/SB 586 (2020) and are substantially similar to SB 255 (2019) and to a provision contained in SB 545 (2018), HB 2691 (2018) and SCS/SB 6 (2017). SA 1 - THIS AMENDMENT MODIFIES PROVISIONS RELATING TO PROPERTY TAX ASSESSMENTS IN ADDITION TO PROVISIONS RELATING TO THE TAXATION OF CARES ACT STIMULUS CHECKS SA 2 - THIS AMENDMENT MODIFIES PROVISIONS RELATING TO TAX INCREMENT FINANCING SA 3 - THIS AMENDMENT MODIFIES THE HOMESTEAD PRESERVATION ACT BY MODIFYING THE DEFINITION OF "ELIGIBLE OWNER" TO INCLUDE ALL OWNERS OF A HOMESTEAD WITH INCOME THAT DOES NOT EXCEED THE MAXIMUM UPPER LIMIT, AND BY PLACING A LIMIT OF $500 ON THE AMOUNT OF HOMESTEAD PRESERVATION CREDIT THAT AN ELIGIBLE OWNER MAY RECEIVE IN A TAX YEAR JOSH NORBERG
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