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MO HB879

Bill

Official Source

Status

Introduced

2/10/2015

Primary Sponsor

Bart Korman

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Equipment and merchandise held by rental companies (NAICS codes 532412 and 532210) for short-term rental and eventual sale is classified as inventory under Article X, Section 6 of the Missouri Constitution
  • "Short term rental" is defined as rentals for less than 365 consecutive days, for an undefined period, or under an open-ended contract
  • Merchandise meeting these criteria is exempt from ad valorem (property) taxes, regardless of whether it is currently being rented
  • New political subdivisions approved by voters before July 1 of an assessment year take effect for property assessment upon vote certification; those approved on or after July 1 take effect the following assessment year

Legislative Description

Classifies short term rental merchandise as inventory and exempt from property taxes

Last Action

Perfected with Amendments (H) - HA 1, HA 2 ADOPTED

4/28/2015

Committee Referrals

Select Committee on Financial Institutions and Taxation4/14/2015
Ways And Means2/19/2015

Full Bill Text

No bill text available