MO HB389

Creates a voluntary centralized tax payment system through the Missouri Department of Revenue for businesses paying more than $50,000 per year in taxes/fees to 25 or more local taxing jurisdictions

Allows qualifying businesses to consolidate recurring taxes, fees, charges, and assessments into one monthly transaction to the Department, which then distributes funds to assessing entities within 15 days

Protects businesses and the Department from late fees or penalties if payment is received by the Department on time but distributed to the assessing entity after the due date

Authorizes the Department to charge participating businesses an administrative fee of up to 1% of remitted funds

Phases in program participation: 25 businesses in year one (2018), 100 businesses in year two, and unlimited enrollment beginning in year three