|SB 0500||Clarifies Provisions of the Hancock Refund|
|LR Number:||S2328.02T||Fiscal Note:||2328-02|
|Committee:||Ways and Means|
|Last Action:||06/25/96 - Signed by Governor|
|Effective Date:||August 28, 1996|
SB 500 - This act clarifies certain provisions of Article X, Section 18 of the Missouri Constitution, commonly known as the Hancock limitation.
Section 136.400 clarifies that "excess revenue" is to be calculated from Section 18, paragraph (a). By using this paragraph, no mention of a 1% threshold is made and therefore the total amount collected in excess of the limit will be refunded. One percent will not be held back.
Section 136.405 closes the seemingly open-ended period in
which annual returns may be filed. Returns which shall be used
for calculating refund amounts are those returns which are filed
and paid by June 30 following the close of such fiscal year in
which the limit was exceeded. Amended returns filed after June
30 are not included. Returns filed for any part of a year are
included, but modifications of such returns are not.