HB 1088 -- Oil Company Gross Profits Taxes

Sponsor:  Roorda

Beginning January 1, 2010, this bill allows an oil company to pay
an annual excise tax of 6.17% on its apportioned gross profits in
Missouri in lieu of paying an income tax.  The oil company must
file a report of its taxable gross profits in Missouri and pay
the tax to the Department of Revenue.  Moneys collected from this
tax will be deposited into the newly created Oil Company Gross
Profits Tax Fund and, upon appropriations, will be used solely
for public mass transportation.  If the tax is underpaid, a
monthly penalty of 5% of the underpayment, up to 25% of the
underpayment, will be imposed.  If the oil company fails to file
a report within 270 days of the original due date, a penalty of
$500 will be imposed.  Oil companies are prohibited from adding
the amount of the tax onto the purchase price charged to
customers buying petroleum products.  Anyone violating this
provision will be guilty of a class C misdemeanor and will be
subject to a penalty equal to the amount of the taxes passed on
to customers.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am