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
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Current Bill Summary

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.