Bill > SB23

This bill enacts provisions relating to commerce. It makes the following key changes: 1. Requires assessors to use a nationally recognized automotive trade publication, such as Kelley Blue Book or Edmunds, to determine the true value of motor vehicles for tax assessment purposes starting in 2024. It also establishes a 10-year depreciation schedule to be used in these valuations. 2. Provides an exemption and refund for motor fuel taxes paid by individuals, with the option to claim a standard refund amount or a receipt-based refund. This refund program begins in fiscal year 2024 and is administered through the state tax commission. 3. Reduces the top corporate income tax rate from 4% to 2% beginning in 2024, and allows for further reductions based on growth in net general revenue. 4. Expands the state income tax deduction for Social Security benefits to apply to all recipients regardless of age starting in 2024. 5. Requires licensed motor vehicle dealers to collect and remit sales tax on vehicle sales once a modernized titling and registration system is implemented. 6. Prohibits certain related entities from engaging in the business of selling motor vehicles to retail consumers in Missouri, unless they are properly licensed.

Budget and Finance, Government Affairs, Transportation and Infrastructure

https://www.senate.mo.gov/23info/BTS_Web/Bill.aspx?SessionType=R&BillID=44473