Sales/use tax refund bill and withholding filing frequency bills clear Missouri House
Two of AIM’s priority bills have passed the Missouri House.
HB 1582, sponsored by Rep. Mike Kelley, helps small businesses by eliminating about 20,000 withholding tax returns each year. The bill raises the amount of withholding tax that may be collected without filing a quarterly return from $20 per quarter to $100 per quarter. These businesses would be able to file an annual withholding tax return under the bill, instead of quarterly returns. The bill was passed by the House by a vote of 153-0 and now moves to the Senate for further consideration.
HB 1435, sponsored by Rep. Andrew Koenig, is legislation drafted by AIM’s Tax Committee members that allows businesses to receive sales/use tax refunds when they have paid the taxes directly to DOR, removes the ability of vendors to veto refunds and reduces the waiting period for refund processing. The bill passed the House by a vote of 151-0 and also moves to the Senate for further consideration.
This is great activity on two important bills relatively early in the legislative session. We will continue to report on the bills as they advance.
AIM thanks both sponsors for their hard work on these bills!