SB 662 Summary

• Repeals and rewrites sections 143.451, 144.021, and 144.080 relating to corporate income apportionment and sales tax requirements.

• Expands rules for determining Missouri taxable income for corporations with multi-state operations, including detailed methods for apportioning income based on sales location, property location, and service delivery points.

• Adds new section 144.1030 exempting certain multi-use arena ticket purchase rights from sales tax if the arena is publicly owned, operated by a private company under contract, funded with at least $40 million private investment, and located in a home rule city with over 400,000 residents spanning multiple counties.

• Modifies section 144.080 to allow (rather than prohibit) sellers to advertise tax absorption or non-separate statement of tax, provided the amount is stated on invoices or receipts.

• Adds notification requirement that the Department of Revenue must inform sellers before tax treatment modifications take effect; sellers actively selling affected items are relieved of liability until notified.