MO HB794

Fixes Missouri's conformity to the Internal Revenue Code at January 1, 2004, rather than allowing automatic updates, and requires the director of revenue to report to the governor and legislature within 60 days of any federal tax code amendment on its impact to state revenues

Requires unitary groups of corporations doing business in Missouri to file a "water's edge combined report" that combines income and activities of U.S. corporations and certain foreign corporations meeting business activity thresholds

Eliminates the 1-2% compensation that employers could retain from withholding tax remittances made on time

Adds a definition of "common carriers" as persons receiving more than 50% of annual revenues from carrying passengers or goods for unrelated persons, affecting sales tax exemptions for railroad rolling stock and motor vehicles

Modifies sales tax refund procedures to require vendors claiming refunds over $1,000 in a five-year period to demonstrate that amounts were refunded or credited to purchasers, or to submit a plan for distributing fixed-value coupons to future customers