MO HB2080

Repeals and reenacts sections 144.025 and 144.027 of Missouri Revised Statutes relating to sales tax treatment of trade-in and exchange transactions.

Allows excess trade-in or exchange allowances that exceed the purchase price to be applied to subsequent unit purchases within 180 days, rather than resulting in no tax owed with no carryover benefit.

Expands the definition of applicable items to use the term "unit" (motor vehicles, trailers, boats, and outboard motors) consistently throughout both sections.

Permits sellers of original units to apply excess sale proceeds from their sale to subsequent unit purchases within 180 days before or after the original sale date.

Modifies insurance proceeds and casualty loss replacement provisions in section 144.027 to allow excess insurance credits to be applied to multiple subsequent unit purchases within 180 days of the loss payment.