Search
Certified Public Accountants
& Business Consultants

Focus on State and Local Taxation: Single-Sales Factor Election Available to all Missouri Taxpayers

Contact Our Team

Governor Nixon, on May 6, 2015, signed into law Senate Bill 19 which clarified an existing statute to allow all Missouri companies, including those receiving income from sources other than the sale of tangible personal property, to use the single-sales factor apportionment election enacted in July 2013.
May 12, 2015

Governor Nixon, on May 6, 2015, signed into law Senate Bill 19 which clarified an existing statute to allow all Missouri companies, including those receiving income from sources other than the sale of tangible personal property, to use the single-sales factor apportionment election enacted in July 2013.

Previously the Department of Revenue interpreted the new election to apply only to sellers of tangible personal property and disallowed Missouri taxpayers with less than 100% of revenue from sales of tangible personal property use of this method.  

Because Missouri allows an apportionment methodology to be elected each year, companies should determine the most advantageous apportionment method each year.

If apportionment methodologies raise concerns or uncertainties regarding income tax reporting, the State and Local Tax (SALT) professionals at RubinBrown can assist you in resolving those concerns.  

Read SB 19 here.

 

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

All State & Local Tax News State & Local Tax Services

 

For more information, please contact: