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MO SJR44
Joint Resolution
Status
Introduced
1/16/2014
Primary Sponsor
Kurt Schaefer
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AI Summary
- Submits to Missouri voters a proposed constitutional amendment adding Section 26 to Article X of the Missouri Constitution
- Requires any fiscal year in which total state revenues exceed total appropriations to trigger a refund of excess revenues to taxpayers as a refundable tax credit
- Distributes refunds pro rata based on state income tax liability reported on annual returns filed after the fiscal year in which excess revenues occur
- Applies refundable tax credit to the tax year beginning after the fiscal year in which the refund was triggered
- Establishes that existing refunds under sections 18 to 18(e) take precedent and are not cumulative with refunds under this new section
Legislative Description
Requires revenues received by the state in excess of what is appropriated be refunded to taxpayers in the form of a tax credit
Last Action
Hearing Conducted S Ways and Means Committee
2/13/2014
Committee Referrals
Ways And Means And Fiscal Oversight2/6/2014
Full Bill Text
No bill text available