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Focus on State and Local Taxation: Missouri Legislative Update

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On July 6, 2015 Governor Nixon signed several bills into law, House Bills 517, 613, 616 and Senate Bill 18. This legislation amends a variety of tax provisions.
July 15, 2015

On July 6, 2015 Governor Nixon signed several bills into law, House Bills 517, 613, 616 and Senate Bill 18. This legislation amends a variety of tax provisions.

HB 517 is an omnibus bill that includes the following changes:

  • Requires payment of interest on income tax refunds after 45 days instead of the current 90 day period
  • Eliminates the sales taxability of large group gratuities if the gratuities are passed to the service staff
  • Limits the calculation of state income tax withholding on tips received by an employee in the course of his or her employment
  • Authorizes a sales tax exemption for certain aircraft purchases
  • Establishes a 2015 dependency exemption for stillbirths
  • Allows a taxpayer to claim a credit or refund of an income tax overpayment after the period of limitations expires if the taxpayer amends or the IRS changes the taxpayer's return after the period of time has expired
  • Allows a seller to advertise that the required sales tax will be assumed or absorbed into the price of the property sold

HB 613 specifies low income housing is treated as residential property for property tax purposes, adjusts county collector fees, and makes several other property tax related changes.

HB 616 ensures short term rental merchandise is treated as exempt inventory for property tax purposes.

SB 18 requires the Missouri Department of Revenue to notify taxpayers of changes in law or Department policy before assessing tax on the new interpretation.

The full text of this legislation can be found below:

HB 517

HB 613

HB 616

SB 18

If you are doing business in Missouri, the State and Local Tax (SALT) professionals at RubinBrown can assist you in understanding the impact that these law changes may have on your business.

 

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.

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