Bill Text: MO HB1174 | 2014 | Regular Session | Engrossed
Bill Title: Specifies that certain capital gains income from the exchange of gold and silver is exempt from Missouri adjusted gross income and changes the laws regarding nonbank depositories
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2014-04-28 - Public Hearing Held (S) [HB1174 Detail]
Download: Missouri-2014-HB1174-Engrossed.html
SECOND REGULAR SESSION
[PERFECTED]
97TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE CURTMAN.
4599H.01P D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To repeal sections 143.111, 143.221, 143.801, and 408.010, RSMo, and to enact in lieu thereof four new sections relating to taxation.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Sections 143.111, 143.221, 143.801, and 408.010, RSMo, are repealed and four new sections enacted in lieu thereof, to be known as sections 143.111, 143.221, 143.801, and 408.010, to read as follows:
143.801. 1. A claim for credit or refund of an overpayment of any tax imposed by sections 143.011 to 143.996 shall be filed by the taxpayer within three years from the time the return was filed or two years from the time the tax was paid, whichever of such periods expires the later; or if no return was filed by the taxpayer, within two years from the time the tax was paid. No credit or refund shall be allowed or made after the expiration of the period of limitation prescribed in this subsection for the filing of a claim for credit or refund, unless a claim for credit or refund is filed by the taxpayer within such period.
2. If the claim is filed by the taxpayer during the three-year period prescribed in subsection 1 of this section, the amount of the credit or refund shall not exceed the portion of the tax paid within the three years immediately preceding the filing of the claim plus the period of any extension of time for filing the return. If the claim is not filed within such three-year period, but is filed within the two-year period, the amount of the credit or refund shall not exceed the portion of the tax paid during the two years immediately preceding the filing of the claim. If no claim is filed, the credit or refund shall not exceed the amount which would be allowable under either of the preceding sentences, as the case may be, if a claim was filed on the date the credit or refund is allowed.
3. If pursuant to subsection 6 of section 143.711 an agreement for an extension of the period for assessment of income taxes is made within the period prescribed in subsection 1 of this section for the filing of a claim for credit or refund, the period for filing a claim for credit or for making a credit or refund if no claim is filed, shall not expire prior to six months after the expiration of the period within which an assessment may be made pursuant to the agreement or any extension thereof. The amount of such credit or refund shall not exceed the portion of the tax paid after the execution of the agreement and before the filing of the claim or the making of the credit or refund, as the case may be, plus the portion of the tax paid within the period which would be applicable under subsection 1 of this section if a claim had been filed on the date the agreement was executed.
4. If a taxpayer is required by section 143.601 to report a change or correction in federal taxable income reported on his federal income tax return, or to report a change or correction which is treated in the same manner as if it were an overpayment for federal income tax purposes, an amended return or a claim for credit or refund of any resulting overpayment of tax shall be filed by the taxpayer within one year from the time the notice of such change or correction or such amended return was required to be filed with the director of revenue. If the report or amended return required by section 143.601 is not filed within the ninety-day period therein specified, interest on any resulting refund or credit shall cease to accrue after such ninetieth day. The amount of such credit or refund shall not exceed the amount of the reduction in tax attributable to:
(1) The issues on which such federal change or correction or the items amended on the taxpayer's amended federal income tax return are based, and
(2) Any change in the amount of [his] the taxpayer's federal income tax deduction under the provisions of subsection 1 of section 143.171. No effect shall be given in the preceding sentence to any federal change or correction or to any item on an amended return unless it is timely under the applicable federal period of limitations. The time and amount provisions of this subsection shall be in lieu of any other provisions of this section. This subsection shall not affect the time within which or the amount for which a claim for credit or refund may be filed apart from this subsection.
5. If the claim for credit or refund relates to an overpayment of tax on account of the deductibility by the taxpayer of a debt as a debt which became worthless or a loss from worthlessness of a security or the effect that the deductibility of a debt or of a loss has on the application to the taxpayer of a carryover, the claim may be made, under regulations prescribed by the director of revenue within seven years from the date prescribed by law for filing the return for the year with respect to which the claim is made.
6. If the claim for credit or refund relates to an overpayment attributable to a net operating loss carryback or a capital loss carryback, in lieu of the three-year period of limitations prescribed in subsection 1 of this section, the period shall be that period which ends with the expiration of the fifteenth day of the fortieth month (or the thirty-ninth month, in the case of a corporation) following the end of the taxable year of the net operating loss or net capital loss which results in such carryback, or the period prescribed in subsection 3 of this section in respect of such taxable year, whichever expires later. In the case of such a claim, the amount of the credit or refund may exceed the portion of the tax paid within the period provided in subsections 2, 3 and 4 of this section, whichever is applicable, to the extent of the amount of the overpayment attributable to such carryback.
7. (1) No period of limitations provided in subsections 1 to 6 of this section shall apply if the director of revenue examines or causes to have examined any return filed and retained as provided in section 143.971 and:
(a) Such examination is conducted after any period of limitations provided in subsections 1 to 6 of this section has expired;
(b) Such examination reveals that the taxpayer is eligible to claim a credit or refund of an overpayment of any tax imposed under this chapter; and
(c) A period of limitations provided in subsections 1 to 6 of this section prohibits the taxpayer from claiming such credit or refund.
(2) The director shall notify the taxpayer of any overpayment discovered under this subsection and inform the taxpayer of the procedure for filing a claim for a credit or refund of such overpayment. If the taxpayer files a claim for such credit or refund, the claim shall be filed in the manner provided in this chapter and shall be filed within one year from the time the director provided notice to the taxpayer.
143.111. The Missouri taxable income of a resident shall be such resident's Missouri adjusted gross income less:
(1) Either the Missouri standard deduction or the Missouri itemized deduction;
(2) The Missouri deduction for personal exemptions;
(3) The Missouri deduction for dependency exemptions;
(4) The deduction for federal income taxes provided in section 143.171; [and]
(5) The deduction for a self-employed individual's health insurance costs provided in section 143.113; and
(6) The deduction for any capital gains income included in Missouri adjusted gross income from the exchange of gold or silver under subsection 3 of section 408.010.
143.221. 1. Every employer required to deduct and withhold tax under sections 143.011 to 143.996 shall, for each calendar quarter, on or before the last day of the month following the close of such calendar quarter, file a withholding return as prescribed by the director of revenue and pay over to the director of revenue or to a depository designated by the director of revenue the taxes so required to be deducted and withheld.
2. Where the aggregate amount required to be deducted and withheld by any employer exceeds fifty dollars for at least two of the preceding twelve months, the director, by regulation, may require a monthly return. The due dates of the monthly return and the monthly payment or deposit for the first two months of each quarter shall be by the fifteenth day of the succeeding month. The due dates of the monthly return and the monthly payment or deposit for the last month of each quarter shall be by the last day of the succeeding month. The director may increase the amount required for making a monthly employer withholding payment and return to more than fifty dollars or decrease such required amount, however, the decreased amount shall not be less than fifty dollars.
3. Where the aggregate amount required to be deducted and withheld by any employer is less than [twenty] one hundred dollars in each of the four preceding quarters, and to the extent the employer does not meet the requirements in subsection 1 or 2 of this section for filing a withholding return on a quarterly or monthly basis, the employer shall file a withholding return for a calendar year. The director, by regulation, may also allow other employers to file annual returns. The return shall be filed and the taxes if any paid on or before January thirty-first of the succeeding year. The director may increase the amount required for making an annual employer withholding payment and return to more than [twenty] one hundred dollars or decrease such required amount, however, the decreased amount shall not be less than [twenty] one hundred dollars.
4. If the director of revenue finds that the collection of taxes required to be deducted and withheld by an employer may be jeopardized by delay, he may require the employer to pay over the tax or make a return at any time. A lien outstanding with regard to any tax administered by the director shall be a sufficient basis for this action.
408.010. [The silver coins of the United States are hereby declared a legal tender, at their par value, fixed by the laws of the United States, and shall be receivable in payment of all debts, public or private, hereafter contracted in the state of Missouri; provided, however, that no person shall have the right to pay, upon any one debt, dimes and half dimes to an amount exceeding ten dollars, or of twenty and twenty-five cent pieces exceeding twenty dollars.]
1. For purposes of this section, the term “nonbank depository” shall mean a private storage firm used for the safekeeping and depositing of gold and silver issued by the federal government.
2. In furtherance of the inherent rights of privacy and private property, the extent and composition of a person's monetary holdings, including those on deposit with any nonbank depository, shall not be subject to disclosure, search, or seizure except upon strict adherence to due process safeguards, including but not limited to:
(a) Issuance of a lawful warrant or writ by a judicial officer sitting in the county within which such holdings exist;
(b) Under an adequate showing of probable cause with respect to the particular person or entity in question; and
(c) Such warrant or writ being executed only under the authority of the duly elected sheriff of such county.
3. Any nonbank depository operating under the provisions of this section shall be subject to such rules and regulations as the secretary of state requires.
4. A nonbank depository must have written authority from the depositors for all transactions.
5. A method of establishing the value of gold and silver to be accepted by the state shall be based on the London PM fix for that day's transaction.
6. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly under chapter 536 to review, to delay the effective date, or to disapprove and annul a rules are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2014, shall be invalid and void.
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