MO HB1296

Modifies corporate income tax apportionment rules by allowing corporations to elect between two methods for computing income sourced to Missouri: one using a "50% throwback" rule for sales and one using only destination-based sales allocation.

Expands the definition of "school supplies" exempt from sales tax to include graphing calculators valued at $150 or less and clarifies personal computer definitions.

Extends the annual sales tax holiday exemption to include graphing calculators valued at $150 or less during the three-day period in early August.

Changes restrictions on advertising tax absorption by allowing retailers to advertise that they will assume or absorb sales tax if the tax amount is separately stated on invoices or receipts, and exempts certain retailers from this restriction.

Adds detailed sourcing rules for intangible property sales and services in corporate income allocation, including provisions for determining market location based on where benefits are delivered or property is used.