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MO HJR81
Joint Resolution
Status
1/21/2010
Primary Sponsor
John Diehl
Click for details
AI Summary
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Repeals and replaces Section 6 of Article X of the Missouri Constitution relating to property tax exemptions and taxation.
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Exempts from taxation personal property held as industrial inventories by manufacturers and refiners, and goods/inventory held by distributors, wholesalers, and retail merchants.
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Establishes a countywide replacement tax on subclass 3 of class 1 property to compensate taxing authorities for revenue lost due to the personal property exemption.
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Allows the replacement tax rate to be decreased if approved by either a majority of county voters or a majority vote of the county governing body, and caps the rate at the initial rate implemented during the county's first general reassessment.
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Eliminates the replacement tax entirely for any tax year beginning on or after January 1, 2015.
Legislative Description
Proposes a constitutional amendment limiting any increase in the merchants' and manufacturers' replacement tax, allowing local governing bodies to reduce the rate, and eliminating the tax in 2015
Last Action
Public Hearing Completed (H)
2/16/2010