MO HJR8

Submits to Missouri voters on the November 2012 general election ballot (or special election) a constitutional amendment known as the "Missouri Jobs and Prosperity Act" that would repeal income taxes and replace them with a consumption tax.

Eliminates corporate income taxes immediately and reduces individual and withholding income taxes by at least 25 percent annually until fully eliminated by January 1, 2019.

Imposes a new sales tax on the consumption or use of taxable property and services in Missouri (excluding items purchased for business or investment purposes, motor fuel subject to excise tax, and insurance premiums), with an initial general revenue sales tax rate of 4 percent capped at 7 percent.

Allows the General Assembly to provide sales tax rebates or prebates to Missouri residents with a maximum annual ceiling of $2,800 of purchases (indexed to Consumer Price Index after January 1, 2019).

Requires the State Treasurer to recalculate tax rates to ensure revenue neutrality based on the average of the previous five fiscal years of collections.