Governor Parson signs three more AIM bills into law
Governor Mike Parson signed three more important bills into law today.
Senate Bill 608, sponsored by Sen. Denny Hoskins, is the “Business Premises Safety Act”. This bill prevents lawsuits for negligence against business owners when sued by trespassers for damages. Although this seems like it should already be law, it isn’t! The bill also provides that a business only has the duty to guard against criminal or harmful acts occurring on the business’s premises when the business knows or has reason to know that such acts are being committed or are reasonably likely to be committed in a particular area of the premises, and there is sufficient time to prevent such injury. If the business has a duty to guard against criminal or harmful acts, the business can claim the following as affirmative defenses:
(1) the business has implemented reasonable security measures;
(2) the claimant was a trespasser attempting to or committing a felony; and
(3) the acts occurred while the business was closed.
Governor Parson also signed Senate Bill 773 into law. That bill, also sponsored by Sen. Hoskins, provides that intercompany transfers within a consolidated group are excluded from income tax liability. This clarifies that moving money around within the same group of companies is not “income.”
Finally, Governor Parson signed Senate Bill 769, sponsored by Sen. Mike Cunningham. The bill is a banking bill but contains two important provisions: clarification that entities not liable for corporation income tax are not required to complete a corporation income tax return; and a reduction in the financial institutions tax that equals any reduction in the corporation income tax. Without the latter provision, banks would not benefit from the corporation income tax rate cut that will occur in 2020.
“We are pleased Governor Parson signed these bills and look forward to further signatures before the deadline next week,” said Ray McCarty, president and CEO of Associated Industries of Missouri.