SALT Report 2398 – The Missouri House of Representatives has passed a Bill entitled the “Broad-Based Tax Relief Act of 2013.” If enacted, the Bill would expand the eligibility for filing annual withholding returns and provides certain sales tax exemptions.
Sales Tax Provisions
The Bill removes from state and local sales and use taxes the fees paid to places of amusement, entertainment or recreation, games and athletic events. However, the tax would still apply to the amount paid for admission and seating accommodations.
The state and local sales tax exemption for machinery and equipment will be expanded to include titled manufacturing or mining equipment.
The bill would allow an employer to file an annual withholding return instead of quarterly returns when the total amount withheld is less than $100 in each of the four preceding quarters and the employer is not otherwise required to file on a quarterly or monthly basis.
Additionally, the Bill discusses the circumstances in which the corporate income tax rate would be reduced and that certain individuals would be allowed to deduct a percentage of their business income on their individual income tax returns.
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