HCS/SB 226 - This act modifies provisions relating to sales taxes.
SALES TAX FILING PERIODS
Current law provides statutory sales tax collection thresholds to determine the frequency at which sellers shall file and remit sales taxes collected, with such periods being quarter-monthly, monthly, quarterly, and annually. Current law also allows the Department of Revenue to increase, but not decrease, such thresholds through rule. This act modifies the statutory thresholds for the monthly, quarterly, and annual filing periods.
For monthly filing, the threshold is changed from at least $250 in the first or second month of a calendar quarter to at least $500 per calendar month for the prior year.
For quarterly filing, the threshold is changed from at least $45 in a calendar quarter, but not subject to monthly filing to less than $500 per calendar month, but at least $200 in a calendar quarter.
For annual filing, the threshold is changed from less than $45 per calendar quarter to less than $200 per calendar quarter.
This provision is identical to SB 741 (2020) and SB 141 (2019).
SALES TAX RETENTION
Beginning August 28, 2021, and ending June 30, 2023, this act authorizes sellers to deduct and retain one hundred percent of the state portion of sales tax levied on purchases of admission tickets to movies, films, and musical performances, as well as on sales of concessions sold onsite at such seller's place of business.
This provision is similar to SB 529 (2021).
HA 1 - THIS AMENDMENT CHANGES THE TITLE FROM "RELATING TO SALES TAX" TO "RELATING TO TAXATION".
HA 2 - THIS AMENDMENT ALLOWS TAXPAYERS AUTHORIZED UNDER THE MISSOURI CONSTITUTION TO OPERATE A BUSINESS RELATED TO MEDICAL MARIJUANA TO CLAIM AN INCOME TAX DEDUCTION IN AN AMOUNT EQUAL TO ANY EXPENDITURES OTHERWISE ALLOWABLE AS A FEDERAL INCOME TAX DEDUCTION, BUT THAT ARE DISALLOWED FOR FEDERAL PURPOSES BECAUSE CANNABIS IS A CONTROLLED SUBSTANCE UNDER FEDERAL LAW.
HA 3 - THIS AMENDMENT MODIFIES SEVERAL TAX CREDIT PROGRAMS BY INCREASING THE ANNUAL AMOUNT OF THE VARIOUS TAX CREDITS THAT MAY BE AUTHORIZED BY SUCH PROGRAMS. THIS AMENDMENT ALSO MODIFIES PROVISIONS RELATING TO LOW-INCOME HOUSING TAX CREDITS. THIS AMENDMENT ALSO EXTENDS THE SUNSET ON THE MEAT PROCESSING FACILITY TAX CREDIT UNTIL DECEMBER 31, 2027.
HA 4 - THIS AMENDMENT PROVIDES THAT THE DEFINITION OF "RETAIL SALE" OR "SALE AT RETAIL" FOR THE PURPOSES OF THE IMPOSITION OF SALES TAXES SHALL NOT APPLY TO THE PURCHASE BY A GROCERY STORE OF FOOD THAT IS INTENDED FOR RESALE BUT THAT CANNOT BE RESOLD BECAUSE OF THEFT OR BECAUSE THE FOOD HAS BECOME SPOILED AND WOULD NOT BE SAFE FOR CONSUMPTION.
HA 5, AS AMENDED - THIS AMENDMENT ALLOWS A PERSON OWNING RESIDENTIAL OR AGRICULTURAL REAL PROPERTY AND WHO PAYS A SCHOOL TAX IN ANY SCHOOL DISTRICT OTHER THAN THE DISTRICT IN WHICH THE PERSON RESIDES MAY SEND ANY OF THE PERSON'S CHILDREN TO A PUBLIC SCHOOL IN ANY DISTRICT IN WHICH THE PERSON PAYS SUCH TAX. THIS AMENDMENT ALSO EXTENDS THE SUNSET ON THE WOOD ENERGY PRODUCER TAX CREDIT, THE MEAT PROCESSING FACILITY TAX CREDIT, THE ROLLING STOCK TAX CREDIT, AGRICULTURAL PRODUCTION TAX CREDIT UNTIL 2027. THIS AMENDMENT ALSO ESTABLISHES TAX CREDITS FOR THE SALE OF HIGHER ETHANOL BLEND FUELS AND BIODIESEL BLEND FUELS.
HA 6 - THIS AMENDMENT PROVIDES A SALES TAX EXEMPTION FOR SALES OF CLASS III MEDICAL DEVICES THAT USE ELECTRIC FIELDS FOR THE PURPOSES OF TREATMENT OF CANCER, INCLUDING COMPONENTS AND REPAIR PARTS AND DISPOSABLE OR SINGLE PATIENT USE SUPPLIES REQUIRED FOR THE USE OF SUCH SUPPLIES.
HA 7 - CURRENT LAW AUTHORIZES A TAX CREDIT FOR THE AMOUNT OF INCOME TAX PAID TO ANOTHER STATE FOR INCOME THAT IS ALSO TAXED IN THIS STATE. THIS AMENDMENT ALLOWS SUCH TAX CREDIT TO BE CLAIMED BY RESIDENT SHAREHOLDERS OF AN S CORPORATION FOR THE AMOUNT OF TAX IMPOSED BY THIS STATE ON INCOME EARNED IN ANOTHER STATE BUT NOT TAXED BY SUCH STATE.
HA 8, AS AMENDED - THIS AMENDMENT AUTHORIZES A PROPERTY TAX CREDIT FOR TAXPAYERS WHO HAVE BEEN SUBJECT TO RESTRICTIONS ON THE USE OF THE TAXPAYER'S REAL PROPERTY DUE TO RESTRICTIVE ORDERS IMPOSED BY A CITY OR COUNTY. THIS AMENDMENT ALSO INCREASES THE ALLOWABLE FLIGHT HOURS FOR CERTAIN AIRCRAFT FOR THE PURPOSES OF PROPERTY TAX ASSESSMENTS. THIS AMENDMENT ALSO PROVIDES THAT THE DEFINITION OF "RETAIL SALE" OR "SALE AT RETAIL" FOR THE PURPOSES OF THE IMPOSITION OF SALES TAXES SHALL NOT APPLY TO THE PURCHASE BY A RETAILER OF PRODUCTS THAT ARE INTENDED FOR RESALE BUT THAT CANNOT BE RESOLD BECAUSE OF THEFT OR BECAUSE THE PRODUCT IS DAMAGED AND CANNOT BE RESOLD.