MO SB350

Reduces the interest-free refund period for individual income tax overpayments from 90 days to 45 days from the date the return is filed, after which the Department of Revenue must pay interest on the refund amount

Requires the Department of Revenue to expeditiously review all individual income tax returns claiming overpayments and issue refunds within 45 days if no lawful reason exists to challenge the claim

Changes the interest accrual start date for late refunds from a fixed April 15th deadline to the actual date the department receives the return

Requires the Department of Revenue to deposit any payments received within two business days of receipt

Maintains the 120-day interest-free period for all other tax refunds not related to individual income taxes (sections 143.011 and 143.041)