MO HB1536

Allows political subdivisions to replace personal property taxes with either a sales tax or real property tax, subject to voter approval.

Replacement tax must be set at a rate that produces the same revenue as the personal property tax from the previous year and serve the same purposes.

Governing body may reduce personal property tax and implement replacement tax in increments over multiple years, with the timeline included on the ballot.

Sales tax revenue (minus 1% collection fee) is deposited in a special trust fund for the political subdivision and used only for designated purposes.

If a county adopts a replacement tax, all political subdivisions within that county must implement the same replacement tax in the same manner approved by voters.