July 12, 2019 – Governor Mike Parson signed Senate Bill 87 into law yesterday and AIM President and CEO Ray McCarty and lobbyist Chuck Pierce were there to lend support. The bill was sponsored by Sen. Wayne Wallingford and handled in the House by Rep. Kathy Swan.
The bill contains some very important tax provisions, including:
- A provision in the bill will ensure Missouri companies do not experience a state corporation income tax increase as a result of federal tax law changes limiting certain interest deductions;
- Protested property taxes that are distributed will now have interest calculated using the same rate as is paid by the state on delinquent income tax refunds; and,
- Sales tax refund claims will now be allowed for 10 years after filing the return, rather than the current three year limit.
“This bill represents a lot of hard work by the AIM Tax Committee and lobbyist Chuck Pierce and we thank Governor Parson for his approval of the bill today that prevents a tax increase on Missouri businesses,” said McCarty. “Also, the bill allows taxpayers that have overpaid their taxes to get them back when the mistake is discovered after the current three year time-frame. Taxpayers should always be able to recover money that was inappropriately paid to the government, so having a 10 year limit on claims is much better than three,” he said.