Taxation And Revenue - Sales And Use Legislation - Missouri

SB 743 - This act makes various modifications to Missouri tax law. The act: (1) Decouples Missouri's income tax from the federal income tax code. The act adopts the IRC as it was written January 1, 2004 (section 143.091); (2) Reinstates the decoupling from the federal accelerated depreciation and makes it permanent (section 143.121); (3) Eliminates the timely filing discount for employers who withhold their employees' income tax (sections 143.225 & 143.261); (4) Modifies the way losses and operating expenses are deducted among parties for various types of property, including intellectual property. Minimum standards are established regarding what connections among various corporate entities constitute related parties and affiliated groups for multi-state corporate income tax purposes. Under this provision, the entire profit of a unitary group will be aggregated and then divided among the members of the group. This allocation will be based upon the relative incomes of the [...]

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SCS/SB 749 - This act creates an income tax credit for the costs of constructing a qualified alternative fuel vehicle refueling property. The tax credit shall not exceed the lesser of twenty thousand dollars or twenty percent of the costs directly associated with the purchase and installation of any alternative fuel storage and dispensing equipment. The cumulative amount of credits which may be claimed shall not exceed three million dollars for taxable year 2009. For taxable year 2010, the cumulative amount of tax credits which may be claimed is reduced to two million dollars, and for taxable year 2011, the amount is further reduced to one million dollars. The tax credit is non-refundable, but may be carried forward for two subsequent tax years. The tax credit is fully transferable. The act contains a recapture provision for refueling properties which cease sales of alternative fuel. The provisions of the act creating the tax credit program will automatically expire six years from the effective [...]

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SB 1275 - This act allows the director of the Department of Revenue to require that motor fuel tax returns be submitted electronically in an approved format after notifying affected entities in writing at least six months prior to the effective date. The director of the Department of Revenue may require employer withholding returns and payments be submitted in electronic format provided employers are notified a minimum of six months prior to the effective date of such requirements. Employers required to submit returns and payments electronically may appeal to the director of revenue for an exemption from this requirement. From January 1, 2008, to January 1, 2009, any person acting as a tax practitioner or preparer and who completed and filed more than two hundred individual income tax returns in the previous calendar year is required to transmit such returns either electronically or containing a two dimensional bar code in a format approved by the director. From January 1, 2009, to January [...]

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