New MO laws include tip tax fix, business growth

New MO laws include tip tax fix, business growth

MISSOURI (KFVS) - A bill signed into law in Missouri on Monday, June 22 claims to stop revenue department overreach.

Senate Bill 336 clarifies Missouri's tax statutes, making sure employees are accountable for their personal income tax liabilities.

According to the Missouri Chamber of Commerce and Industry, earlier in 2015 it came to light that the Missouri Department of Revenue had started reviewing restaurant tip records. The department was calculating the tip percentage on credit card receipts and comparing that to the cash tips employees were reporting as income.

If the percentages showed a discrepancy, restaurants had to make up the difference.

The bill was sponsored by Sen. Will Kraus, a Republican from Lee's Summit.

Two other bills signed into laws on Monday will hopefully create and retain thousands of jobs in the state.

Senate Bill 194 extends a special tax credit intended to bring in corporate headquarters to Missouri and help the state's existing headquarters expand.

Under the bill, this tax credit will now continue until 2025.

All companies that expand their headquarters in Missouri or move operations here will benefit from this bill.

House Bill 514 will help develop a former automotive manufacturing plant in the St. Louis region. It will also help enhance the city's efforts to keep the National Geospatial-Intelligence Agency as the agency considers a possible relocation with thousands of jobs at stake.

Senate Bill 194 was sponsored by Sen. Ron Richard, a Republican from Joplin. House Bill 514 was sponsored by Rep. Mike Leara, a Republican from St. Louis.

Download the KFVS News app: iPhone | Android

Copyright 2015 KFVS. All rights reserved.