HB 1727 Summary

• Repeals eleven sections of Missouri tax law and enacts nine new sections related to income tax, sales tax, and tax administration, effective September 1, 2012.

• Changes Missouri's reference to federal Internal Revenue Code provisions to January 1, 2004 amendments instead of continuously updating to all subsequent federal changes.

• Requires the Director of Revenue to report within 60 days of any federal income tax code amendment, outlining the changes and their impact on state revenues and taxpayer classes.

• Adds new tax definitions and provisions for combined reporting by affiliated corporate groups filing water's edge reports and establishes rules for unitary group taxation.

• Modifies sales tax exemptions and definitions, including changes to definitions of "common carriers," "livestock," and various business classifications related to sales and use tax collection.