Ray McCarty, president and CEO of Associated Industries of Missouri was a panelist at the 50th Annual Meeting of the Council on State Taxation (COST) in Washington, DC, on October 25, 2019.
McCarty participated in a panel with tax leaders from other Midwest states, including the Kansas Chamber, Minnesota Chamber of Commerce, Ohio Chamber of Commerce, Taxpayers’ Federation of Illinois, Iowa Taxpayers Association, Illinois Chamber of Commerce Tax Institute and Indiana Chamber of Commerce.
McCarty discussed the passage of several key tax provisions in the 2019 session, including a provision to prevent a tax increase on some corporations due to a deduction limitation in the federal tax code, a provision that changes the three year statute of limitations for filing a sales/use tax refund to ten years, and the failure of the state to pass legislation addressing internet sales made by companies outside Missouri to Missouri customers in the wake of the Wayfair case. Missouri is one of three states with a sales/use tax that failed to address the Wayfair decision during the 2019 session.
“We would like to thank COST for weighing in on the interest deduction limitation issue by sending letters and providing critical information we used to prevent a tax increase on Missouri corporations,” said McCarty.