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MO SB461
Bill
Status
Introduced
2/28/2013
Primary Sponsor
Wayne Wallingford
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AI Summary
- Repeals and replaces section 143.451, RSMo, governing division of interstate income for corporate income taxation
- Adds a new subdivision (3) providing an alternative apportionment method where corporations divide in-state sales by total sales and multiply net income by the resulting fraction, rather than using the weighted average method in subdivision (2)
- Defines tangible property sales as "in this state" only if the purchaser's destination point is in Missouri, regardless of FOB terms or seller's location
- Establishes comprehensive rules for investment funds service corporations, allowing their qualifying sales to be apportioned based on the percentage of fund shareholders residing in Missouri
- Makes investment funds service corporations subject to Missouri income tax if they have any shareholders residenced in the state
Legislative Description
Provides an alternative method for calculating Missouri taxable income for corporations
Last Action
Voted Do Pass S Ways and Means Committee
4/4/2013
Committee Referrals
Ways And Means And Fiscal Oversight3/13/2013
Full Bill Text
No bill text available