SB 924 -- Local Economic Development Sales Tax

Sponsor: Maxwell

This bill allows the governing body of Kirksville to impose, subject to voter approval, a sales tax on retail sales for the purpose of funding local economic development projects, including transportation projects. The sales tax may be approved at the rate of one-quarter of 1%, one-half of 1%, three-quarters of 1%, or 1% of the receipts from taxable retail sales within the city. Revenue collected from the sales tax, less 1% for the costs of collection, is to be deposited by the Director of Revenue into the Local Economic Development Sales Tax Fund. The tax will terminate as approved by the voters.