HB 310 Summary

• Creates a "Federal Tax Fund" in the state treasury to receive all federal excise, income, and consumer taxes collected by Missouri, with quarterly disbursements to appropriate federal recipients after deducting interest earned.

• Requires individuals and entities liable for federal taxes to remit payments to the Missouri Director of Revenue for deposit into the Federal Tax Fund, with the Director submitting taxpayer information to the IRS for proper tax credit.

• Authorizes the General Assembly by simple majority vote to determine how interest accrued on the Federal Tax Fund shall be used for the benefit of Missouri residents.

• Allows the state to withhold quarterly federal tax disbursements if the federal government denies matching funds, imposes sanctions, or withholds funds due to perceived unconstitutional federal mandates, as determined by concurrent resolution of the General Assembly.

• Declares the act effective immediately as an emergency measure and applies retroactively to federal taxes collected after the law's effective date.