MO HJR75

Repeals and replaces section 6 of article X of the Missouri Constitution to exempt all business personal property as defined by law from taxation.

Expands existing exemptions for manufacturers, refiners, distributors, wholesalers, and retail merchants to include all business personal property including inventories, raw materials, work in progress, and finished goods.

Establishes a countywide replacement tax on property in subclass 3 of class 1 to compensate taxing authorities for lost revenues resulting from the business personal property exemption.

Requires the county clerk to calculate total revenue lost and extend a tax rate necessary to replace that amount, with the rate locked at initial level unless voters approve a decrease by majority vote.

Directs the county collector to disburse replacement tax proceeds to each taxing authority according to their revenue loss, with annual adjustments based on changes in assessed property values in subclass 3 of class 1.