SCS/HB 1507 - This act allows the Director of Revenue to increase or decrease the filing and payment requirements for the following tax types: employer withholding; declarations of estimated tax for individuals and corporations; and sales and use tax. The act also excludes from the definition of food, for purposes of the reduced sales tax rate, food or drink where the gross receipts of selling that food constitutes more than fifty percent of the total gross receipts of that establishment. The act allows the date of a federal postmark to constitute timely mailing of license taxes and requires the Director of the Department of Revenue to state the reason for a finding of taxpayer negligence at the time of a proposed income tax assessment.

The act gives the State Tax Commission the exclusive power of original assessment of the distributable property of freight line companies and requires the Director of Revenue to collect the taxes on such property. The act creates the County Private Car Tax Trust Fund and requires apportionment of the revenues to each county in proportion to the mainline track mileage located in that county. Prior to distribution of the trust fund amounts to the counties, six-tenths of one percent is required to be transferred to the blind pension fund. Each county is required to apportion 70% of the revenues to the local school districts and the remaining 30% to county general revenue.

Under current law, if property is traded in on a purchase, purchasers pay sales or use tax only on the excess, if any, of the purchase price of the new item less any trade-in allowance and any applicable rebates. This act authorizes the reduction in the purchase price of a motor vehicle, trailer, boat or outboard motor only for the trade-in of similar items upon which a sales or use tax has been paid or waived. The act provides a presumption of proper sales and use tax payment on a motor vehicle, trailer, boat, or outboard motor if the item has a valid Missouri certificate of title.
RUSS HEMBREE

SSA 1 FOR SA 1 TO SA 1 TO SCS - INCREASES THE DEPENDENCY EXEMPTION DEDUCTION FROM THE CURRENT $400 TO $1,400.