HJR50 Proposes constitutional amendment to repeal the personal property tax and to substitute a state sales tax to compensate political subdivisions for lost revenue.
Sponsor: Wright, Mark (137) Effective Date:00/00/0000
CoSponsor: LR Number: 2802L.01I
Last Action: COMMITTEE: WAYS AND MEANS
02/01/2000 - Public Hearing Held (H)
HJR50
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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* Introduced

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BILL SUMMARIES

INTRODUCED

HJR 50 -- Property Tax on Personal Property

Sponsor:  Wright

This proposed amendment to the Missouri Constitution exempts all
personal property from property taxation.  The lost revenues to
political subdivisions from the exemption will be replaced with
a state-wide sales and use tax increase.  The sales and use tax
increase will be in an amount necessary to replace the lost
revenues, adjusted annually.  The Department of Revenue will
distribute the replacement revenues to the affected political
subdivisions based on calculations by the county clerk of each
county.


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Last Updated October 5, 2000 at 11:36 am