MO SB906

Freezes Missouri's federal income tax conformity date at January 1, 2004, and requires the Director of Revenue to report within 60 days of any federal tax code amendments on their impact to state revenues and taxpayers.

Modifies corporate income tax apportionment provisions by replacing references to sections 143.451 and 143.461 with section 32.200 (Multistate Tax Compact), and creates a new section 143.434 establishing standards for affiliated groups and combined reporting requirements.

Adds a new section 143.434 defining key tax terms including "affiliated group," "common ownership," "unitary group," and "water's edge combined report," with specific rules for calculating federal taxable income and apportionment of intercompany transactions.

Updates sales tax refund procedures in section 144.190 by changing interest calculation references from section 32.065 to sections 32.068 and 32.069, and modifies the conditions under which refunds can be claimed.

Becomes effective September 1, 2010.