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MO HB1015

Bill

Official Source

Status

Introduced

2/19/2015

Primary Sponsor

Keith English

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Missouri's state sales tax rate would be reduced by 0.1% when total net state revenue has increased by $75 million in each of the three previous fiscal years
  • Reductions would begin in fiscal years starting on or after July 1, 2016
  • Maximum of one rate reduction per fiscal year is permitted
  • Total reductions are capped at five, meaning the 4% sales tax rate could ultimately drop to 3.5%
  • The Director of the Department of Revenue is responsible for implementing the rate reductions when revenue growth thresholds are met

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 by $75 million

Last Action

Referred: Select Committee on Financial Institutions and Taxation(H)

4/27/2015

Committee Referrals

Select Committee on Financial Institutions and Taxation4/27/2015
Ways And Means3/31/2015

Full Bill Text

No bill text available