S2328.02T

To amend chapter 136, RSMo, by adding thereto two new sections relating to implementation of the refund required under article X, section 18 of the constitution of Missouri.

Be it enacted by the General Assembly of the State of Missouri, as follows:

Section A. Chapter 136, RSMo, is amended by adding thereto two new sections, to be known as sections 136.400 and 136.405, to read as follows:

136.400. The excess revenue to be refunded shall include all revenue in excess of the limit established in article X, section 18, paragraph (a) of the Missouri constitution collected during a fiscal year. The office of administration shall certify the amount of excess revenue to be refunded and certify annually to the general assembly in itemized list and definition of all sources and dollar amounts of total state revenue. Once a source of revenue has been certified as total state revenue by the office of administration, such source shall remain total state revenue in subsequent years unless the source in subsequently excluded from total state revenue pursuant to Article X, Section 18(c) of the Missouri constitution. The amount of excess revenue to be refunded is subject to appeal according to Article X, Section 23 of the Missouri constitution.

136.405. The phrase "annual returns filed following the close of such fiscal year", as used in article X, section 18, shall mean the last timely income tax returns which are filed and paid by the following June thirtieth. Amended returns filed after June thirtieth shall not be included in calculating the pro rata distribution amounts pursuant to article X, section 18, paragraph (b). Returns filed for any part of a year shall be included.