MO HB2240

Repeals the in-lieu watercraft tax on vessels documented by the United States Coast Guard and makes them subject to standard state and local sales and use taxes instead, effective January 1, 2011.

Exempts United States Coast Guard registered vessels purchased for marine construction purposes (including barges, dredges, marine cranes) from sales and use tax liability.

Requires watercraft dealers to report sales of watercraft to residents to the director of revenue, with collection of sales and use taxes to occur in the same manner as other state and local sales taxes.

Directs all revenue collected from sales and use taxes on documented vessels to be deposited in the state treasury and appropriated solely for providing assistance to victims of domestic violence or sexual abuse.

Submits the bill to qualified voters for approval or rejection at the November 2, 2010 election, becoming effective only upon majority approval.