Missouri Revised Statutes § 21.505 - Reimbursement of political subdivisions for loss of tax on certain goods, how computed — duties of director of revenue and of state tax commission

The state tax commission must certify a 1973 assessed valuation, the director of revenue must use it to make and report a calculation, and the general assembly must use that 1973 result each year as the basis for appropriations.

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Jurisdiction: United States — Missouri
Instrument: Act or statute
Version: Undated source snapshot
Language: en
Updated: 1 Jan 2025
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state appropriations tax reimbursement

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Provisions of Missouri Revised Statutes § 21.505 - Reimbursement of political subdivisions for loss of tax on certain goods, how computed — duties of director of revenue and of state tax commission

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Missouri Revised Statutes § 21.505 - Reimbursement of political subdivisions for loss of tax on certain goods, how computed — duties of director of revenue and of state tax commission
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AI-assisted research summary: The state tax commission must certify a 1973 assessed valuation, the director of revenue must use it to make and report a calculation, and the general assembly must use that 1973 result each year as the basis for appropriations.

21.505. Reimbursement of political subdivisions for loss of tax on certain goods, how computed — duties of director of revenue and of state tax commission. — The state tax commission shall certify the assessed valuation of all household goods, furniture, wearing apparel and articles of personal adornment for the calendar year 1973 for each county and each political subdivision therein to the director of revenue of the state of Missouri. The director of revenue shall apply the valuation so certified to the rate of personal property tax levied for the calendar year 1973 in each such political subdivision and shall certify the result of this calculation to the house and senate appropriations committees of the Missouri general assembly. The general assembly shall annually thereafter use the same 1973 results of the calculation by the director of revenue as the basis for the appropriation of money from general revenue to the various political subdivisions for approximate reimbursement of revenue lost because of the exemption from taxation of household goods, furniture, wearing apparel and articles of personal use and adornment. (L. 1974 S.B. 333 § 2, A.L. 1984 H.B. 1087)

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Missouri Revised Statutes § 21.505 - Reimbursement of political subdivisions for loss of tax on certain goods, how computed — duties of director of revenue and of state tax commission

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Provisions of Missouri Revised Statutes § 21.505 - Reimbursement of political subdivisions for loss of tax on certain goods, how computed — duties of director of revenue and of state tax commission

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