Proposes a constitutional amendment to impose an appropriation spending limitation and to establish the "Tax Reform Fund" to be used to fund budgetary shortfalls, subject to an appropriation limitation, implement sales tax changes, and allow for certain taxation changes based on revenue triggers, by general law
Reduces the assessment percentage of certain personal property and provides a personal property tax exemption for certain personal property upon adoption of a constitutional amendment authorizing such exemption
Modifies provisions relating to the state tax commission's equalization authority and enforcement authority, authorizing withholding of certain revenues as a result of noncompliance
Modifies provisions related to the "circuit breaker" property tax credit, reenacts the Missouri Homestead Preservation Tax Credit Program, and implements a homestead exemption for certain individuals
Authorizes the Tax Reform Fund for certain revenue surpluses and implements personal income tax and sales and use tax triggers based on certain funding and revenue surpluses being met