Wayfair, other tax bills see action this week
April 15, 2021 - The Missouri Senate today advanced a bill to the House that would clarify pipes and tanks are to be treated as tangible personal property for purposes of property taxes. SB 44, sponsored by Sen. Bill White, will now move to the House for further consideration.
Following Florida's passage of a bill to enact economic "nexus," Missouri is now the only state with a sales/use tax that has not passed a bill expanding economic nexus. SB 153, sponsored by Sen. Andrew Koenig, has passed the Missouri Senate and was heard in the House Ways and Means Committee this week. A committee vote may be expected next week.
"Every other state has now addressed this issue, while Missouri businesses continue to compete at an unfair disadvantage created by the failure of the government to equally tax internet sales," said Ray McCarty, president and CEO of Associated Industries of Missouri. "Government should eliminate the tax advantage currently held by out-of-state and foreign companies selling to Missouri customers. We need to get government out of the equation by leveling the playing field with this bill," he said.
Today, the Senate Ways and Means Committee, chaired by Sen. Koenig, approved SB 393, a bill by Sen. Mike Moon, that would eliminate the Corporation Income Tax in two steps. The rate would be reduced from 4% to 2% for the 2022 tax year and eliminated entirely for tax years beginning January 1, 2023. Associated Industries of Missouri supports this bill.
Four weeks remain in the 2021 Legislative Session.