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MO HB1948

Bill

Official Source

Status

Introduced

2/20/2014

Primary Sponsor

Scott Fitzpatrick

Click for details

Origin

House of Representatives

2014 Regular Session

AI Summary

  • Establishes an automatic sales tax reduction mechanism beginning in fiscal year 2015 that reduces the state sales tax rate by 0.1% if total net state revenue increased in each of the three previous fiscal years
  • Maximum of one reduction per fiscal year with a cap of five total reductions allowed
  • The director of the Department of Revenue is responsible for implementing the reductions
  • Maintains the current 4% sales tax rate on tangible personal property, services, utilities, entertainment, transportation, and vehicle titling as the baseline before reductions
  • Applies to all sales tax categories including retail goods, admissions, utilities, telecommunications, meals and drinks, transportation tickets, property rentals, and motor vehicle titling

Legislative Description

Reduces the state sales tax by .1% if the total amount of net state revenue collected has increased in each of the three previous fiscal years

Last Action

Voted Do Pass (H)

4/1/2014

Committee Referrals

Ways And Means3/4/2014

Full Bill Text

No bill text available