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MO HJR56
Joint Resolution
Status
1/6/2010
Primary Sponsor
Ed Emery
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AI Summary
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Submits to voters a constitutional amendment to eliminate all state income taxes (individual, corporate, withholding) and existing sales/use taxes effective January 1, 2012
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Replaces eliminated taxes with a single 5.11% consumption tax on new tangible property and services, exempting business purchases, investment property, and used goods
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Establishes a Tax Adjustment Commission to recommend a one-time rate adjustment before January 1, 2013, to ensure revenue-neutral replacement of repealed taxes
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Provides monthly sales tax rebates to qualified households equal to the tax rate multiplied by one-twelfth of federal poverty guidelines to protect low-income families
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Requires local political subdivisions to recalculate local tax rates to maintain substantially similar revenue as the previous fiscal year
Legislative Description
Proposes a constitutional amendment replacing the individual and corporate income tax and sales and use tax with a fair sales tax on retail sales of new tangible property and taxable services
Last Action
HCS Voted Do Pass (H)
4/22/2010