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MO HB2908
Bill
Status
Introduced
2/29/2024
Primary Sponsor
Peter Merideth
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AI Summary
- Authorizes Missouri county governing bodies to replace all county real and personal property taxes with a local earnings tax on salaries, wages, commissions, and net profits of both residents and nonresidents working or conducting business in the county
- Requires voter approval at a state general, primary, or general municipal election before the earnings tax can take effect, with the tax rate set to produce substantially the same revenue as the replaced property taxes
- Exempts numerous nonprofit and government-related organizations from the earnings tax, including religious, charitable, scientific, and educational organizations, as well as labor unions, credit unions, fraternal societies, and certain agricultural cooperatives
- Exempts specific income types including life insurance proceeds, workers' compensation, gifts/bequests, interest on state and federal obligations, and contributions to deferred compensation plans not subject to state income tax
- Allows counties to require employers to collect and remit the tax, with employers entitled to deduct and retain 1.5% of the total amount collected as compensation, and prohibits requiring taxpayers to file copies of state or federal tax returns with the county
Legislative Description
Authorizes counties to enact an earnings tax to replace county real property and personal property taxes
Last Action
Referred: General Laws(H)
5/17/2024
Committee Referrals
General Laws5/17/2024
Full Bill Text
No bill text available