| 6 | 6 | | ANACT |
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| 7 | 7 | | Torepealsection92.130,RSMo,andtoenactinlieuthereofonenewsectionrelatingto |
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| 8 | 8 | | incomeexemptfromearningstax. |
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| 9 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 10 | 10 | | SectionA.Section92.130,RSMo,isrepealedandonenewsectionenactedinlieu |
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| 11 | 11 | | 2thereof,tobeknownassection92.130,toreadasfollows: |
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| 12 | 12 | | 92.130.1.Theincomereceivedbyany |
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| 13 | 13 | | 2 (1)Labor,agriculturalorhorticulturalorganizations; |
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| 14 | 14 | | 3 (2)Mutualsavingsbanknothavingacapitalstockrepresentedbyshares; |
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| 15 | 15 | | 4 (3)Fraternal-beneficiarysociety,orderorassociation,operatingunderthelodge |
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| 16 | 16 | | 5systemorfortheexclusivebenefitofthemembersofafraternityitselfoperatingunderthe |
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| 17 | 17 | | 6lodgesystem,andprovidingforthepaymentoflife,sick,accidentorotherbenefitstothe |
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| 18 | 18 | | 7membersofsuchsociety,order,orassociationortheirdependents; |
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| 19 | 19 | | 8 (4)Domesticbuildingandloanassociationsandcreditunionswithoutcapitalstock |
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| 20 | 20 | | 9organizedandoperatedformutualpurposesandwithoutprofit; |
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| 21 | 21 | | 10 (5)Cemeterycompanyownedandoperatedexclusivelyforthebenefitofits |
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| 22 | 22 | | 11members,unlesssaidcemeteryisoperatedforprofit; |
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| 23 | 23 | | 12 (6)Corporationorassociationorganizedandoperatedexclusivelyforreligious, |
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| 24 | 24 | | 13charitable,scientificoreducationalpurposes,nopartofthenetincomeofwhichinurestothe |
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| 25 | 25 | | 14benefitofanyprivatestockholderorindividual; |
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| 26 | 26 | | 15 (7)Businessleague,chamberofcommerceorboardoftradenotorganizedforprofit |
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| 27 | 27 | | 16andnopartofthenetincomeofwhichinurestothebenefitofanyprivatestockholderor |
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| 28 | 28 | | 17individual; |
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| 29 | 29 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | 30 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 18 (8)Civicleagueororganizationnotorganizedforprofitbutoperatedexclusivelyfor |
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| 31 | 31 | | 19thepromotionofsocialwelfare; |
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| 32 | 32 | | 20 (9)Cluborganizedandoperatedexclusivelyforpleasure,recreationandother |
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| 33 | 33 | | 21nonprofitablepurposes,nopartofthenetincomeofwhichinurestothebenefitofanyprivate |
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| 34 | 34 | | 22stockholderormember; |
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| 35 | 35 | | 23 (10)Farmersorothermutualhail,cycloneorfireinsurancecompany,mutualditchor |
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| 36 | 36 | | 24irrigationcompany,mutualorcooperativetelephonecompany,orlikeorganization,the |
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| 37 | 37 | | 25incomeofwhichconsistssolelyofassessments,duesandfeescollectedfrommembersforthe |
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| 38 | 38 | | 26solepurposeofmeetingitsexpenses; |
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| 39 | 39 | | 27 (11)Farmers,fruitgrowersorlikeassociation,organizedandoperatedasasales |
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| 40 | 40 | | 28agentforthepurposeofmarketingtheproductsofitsmembersandturningbacktothemthe |
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| 41 | 41 | | 29proceedsofsales,lessthenecessarysellingexpenses,onthebasisofthequantityofproduce |
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| 42 | 42 | | 30furnishedbythem; |
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| 43 | 43 | | 31 (12)Corporationorassociationorganizedfortheexclusivepurposeofholdingtitleto |
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| 44 | 44 | | 32property,collectingincometherefrom,andturningovertheentireamountthereof,less |
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| 45 | 45 | | 33expenses,toanorganizationwhichitselfisexemptfromthetaximposedbychapter143; |
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| 46 | 46 | | 34 (13)Federallandbanksandnationalfarmloanassociations,asprovidedinsection26 |
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| 47 | 47 | | 35ofanactofcongressapprovedJuly17,1916,entitled"Anacttoprovidecapitalfor |
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| 48 | 48 | | 36agriculturaldevelopment,tocreatestandardformsofinvestmentbaseduponfarmmortgage, |
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| 49 | 49 | | 37toequalizeratesofinterestuponfarmloans,tofurnishamarketforUnitedStatesbonds,to |
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| 50 | 50 | | 38creategovernmentdepositariesandfinancialagentsfortheUnitedStates,andforother |
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| 51 | 51 | | 39purposes"; |
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| 52 | 52 | | 40 (14)Jointstocklandbanksastoincomederivedfrombondsordebenturesorother |
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| 53 | 53 | | 41jointstocklandbanksoranyfederallandbankbelongingtosuchjointstocklandbank; |
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| 54 | 54 | | 42 (15)Expresscompanieswhichnowpayanannualtaxontheirgrossreceiptsinthis |
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| 55 | 55 | | 43stateandinsurancecompanieswhichpayanannualtaxontheirgrosspremiumreceiptsinthis |
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| 56 | 56 | | 44state; |
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| 57 | 57 | | 45 (16)Trustscreatedbyanemployerandemployeesaspartofastockbonus,pension |
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| 58 | 58 | | 46orprofit-sharingplan,fortheexclusivebenefitofemployees,towhichcontributionsare |
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| 59 | 59 | | 47madebysuchemployeroremployees,orboth,forthepurposeofdistributingtosuch |
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| 60 | 60 | | 48employeestheearningsandprincipalofthefundaccumulatedbythetrustinaccordancewith |
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| 61 | 61 | | 49suchplan,oratrustconsistingsolelyofoneormorerestrictedretirementfundscreatedfor |
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| 62 | 62 | | 50oneormoreself-employedpersonsaspartofaretirementplanfortheexclusivebenefitof |
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| 63 | 63 | | 51suchself-employedpersonorpersons,towhichcontributionsaremadebysuchself- |
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| 64 | 64 | | 52employedpersonorpersons,forthepurposeofdistributingtosuchself-employedpersonor |
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| 65 | 65 | | 53personstheearningsandprincipalofthefundaccumulatedbythetrustinaccordancewith |
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| 66 | 66 | | 54suchplanandtheamountactuallydistributed,ormadeavailabletoanydistributee;or |
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| 67 | | - | HCSHBs2464&2460 2 55 (17)Inanycitynotwithinacounty,allcitizenswhoarelow-incometaxpayersas |
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| 68 | | - | 56toanyincomereceivedassalaries,wages,commissions,andothercompensation.The |
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| 69 | | - | 57term"low-incometaxpayer"shallmeananyindividualwhohasanincomeatorbelow |
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| 70 | | - | 58thirtythousandfivehundreddollars;shallnotbetaxableunderanytaxordinanceenacted |
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| 71 | | - | 59pursuanttotheprovisionsofsections92.110to92.200. |
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| 72 | | - | 60 2.Thefollowingincomeshallbeexempt,regardlessofwhoreceivesit,fromsuch |
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| 73 | | - | 61tax: |
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| 74 | | - | 62 (1)Theproceedsoflifeinsurancepoliciespaidtotheindividualbeneficiariesupon |
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| 75 | | - | 63thedeathoftheinsured; |
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| 76 | | - | 64 (2)Theamountreceivedbytheinsuredasareturnofpremiumorpremiumspaidby |
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| 77 | | - | 65himunderlifeinsuranceorendowmentcontracts,eitherduringthetermoratthematurityof |
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| 78 | | - | 66thetermmentionedinthecontractoruponthesurrenderofthecontract; |
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| 79 | | - | 67 (3)Anyamountreceivedunderworkers'compensationacts,ascompensationfor |
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| 80 | | - | 68personalinjuriesorsickness,plustheamountofanydamagesreceivedwhetherbysuitor |
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| 81 | | - | 69agreementonaccountofsuchinjuriesorsickness,orthroughthewarriskinsuranceactor |
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| 82 | | - | 70anylawforthebenefitorreliefofinjuredordisabledmembersofthemilitaryornavalforces |
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| 83 | | - | 71oftheUnitedStates; |
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| 84 | | - | 72 (4)Thevalueofpropertyacquiredbygift,bequest,deviseordescent,buttheincome |
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| 85 | | - | 73fromsuchpropertyshallbeincludedasincome; |
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| 86 | | - | 74 (5)Interestupontheobligationsofthisstateorofanypoliticalsubdivisionthereof,or |
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| 87 | | - | 75upontheobligationsoftheUnitedStatesoritspossessions; |
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| 88 | | - | 76 (6)Anyincomederivedfromanypublicutilityperformingfunctionsofnational |
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| 89 | | - | 77governmentorthoseincidenttothestateoranypoliticalsubdivisionthereof,orfromthe |
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| 90 | | - | 78exerciseofanyessentialgovernmentfunctionaccruingtoanystate,territoryortheDistrictof |
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| 91 | | - | 79Columbia;provided,thatwheneveranystate,territoryortheDistrictofColumbia,orany |
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| 92 | | - | 80politicalsubdivisionofastateorterritoryhas,priortothepassageofchapter143,enteredin |
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| 93 | | - | 81goodfaithintoacontractwithanypersonorcorporationtheobjectandpurposeofwhichisto |
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| 94 | | - | 82acquire,construct,operateormaintainapublicutility,notaxshallbeleviedunderthe |
|---|
| 95 | | - | 83provisionsofchapter143upontheincomederivedfromtheoperationofsuchpublicutility, |
|---|
| 96 | | - | 84sofarasthepaymentthereofwillimposealossorburdenuponsuchstate,territoryorthe |
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| 97 | | - | 85DistrictofColumbia,orapoliticalsubdivisionofthisstate;butthisprovisionisnotintended |
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| 98 | | - | 86toconferuponsuchpersonorcorporationanyfinancialgainorexemptionortorelievesuch |
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| 99 | | - | 87personorcorporationfromthepaymentofataxasprovidedforinchapter143uponthepart |
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| 100 | | - | 88orportionofsaidincometowhichsuchpersonorcorporationshallbeentitledundersuch |
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| 101 | | - | 89contract. |
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| 67 | + | HB2464 2 55 (17)Allcitizenswhoarelow-incometaxpayersastoanyincomereceivedas |
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| 68 | + | 56salaries,wages,commissions,andothercompensation.Theterm"low-income |
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| 69 | + | 57taxpayer"shallmeananyindividualwhohasanincomeatorbelowonehundred |
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| 70 | + | 58fiftypercentofthefederalpovertylevelassuchtermisdefinedunder208.750;shallnot |
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| 71 | + | 59betaxableunderanytaxordinanceenactedpursuanttotheprovisionsofsections92.110to |
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| 72 | + | 6092.200. |
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| 73 | + | 61 2.Thefollowingincomeshallbeexempt,regardlessofwhoreceivesit,fromsuch |
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| 74 | + | 62tax: |
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| 75 | + | 63 (1)Theproceedsoflifeinsurancepoliciespaidtotheindividualbeneficiariesupon |
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| 76 | + | 64thedeathoftheinsured; |
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| 77 | + | 65 (2)Theamountreceivedbytheinsuredasareturnofpremiumorpremiumspaidby |
|---|
| 78 | + | 66himunderlifeinsuranceorendowmentcontracts,eitherduringthetermoratthematurityof |
|---|
| 79 | + | 67thetermmentionedinthecontractoruponthesurrenderofthecontract; |
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| 80 | + | 68 (3)Anyamountreceivedunderworkers'compensationacts,ascompensationfor |
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| 81 | + | 69personalinjuriesorsickness,plustheamountofanydamagesreceivedwhetherbysuitor |
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| 82 | + | 70agreementonaccountofsuchinjuriesorsickness,orthroughthewarriskinsuranceactor |
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| 83 | + | 71anylawforthebenefitorreliefofinjuredordisabledmembersofthemilitaryornavalforces |
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| 84 | + | 72oftheUnitedStates; |
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| 85 | + | 73 (4)Thevalueofpropertyacquiredbygift,bequest,deviseordescent,buttheincome |
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| 86 | + | 74fromsuchpropertyshallbeincludedasincome; |
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| 87 | + | 75 (5)Interestupontheobligationsofthisstateorofanypoliticalsubdivisionthereof,or |
|---|
| 88 | + | 76upontheobligationsoftheUnitedStatesoritspossessions; |
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| 89 | + | 77 (6)Anyincomederivedfromanypublicutilityperformingfunctionsofnational |
|---|
| 90 | + | 78governmentorthoseincidenttothestateoranypoliticalsubdivisionthereof,orfromthe |
|---|
| 91 | + | 79exerciseofanyessentialgovernmentfunctionaccruingtoanystate,territoryortheDistrictof |
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| 92 | + | 80Columbia;provided,thatwheneveranystate,territoryortheDistrictofColumbia,orany |
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| 93 | + | 81politicalsubdivisionofastateorterritoryhas,priortothepassageofchapter143,enteredin |
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| 94 | + | 82goodfaithintoacontractwithanypersonorcorporationtheobjectandpurposeofwhichisto |
|---|
| 95 | + | 83acquire,construct,operateormaintainapublicutility,notaxshallbeleviedunderthe |
|---|
| 96 | + | 84provisionsofchapter143upontheincomederivedfromtheoperationofsuchpublicutility, |
|---|
| 97 | + | 85sofarasthepaymentthereofwillimposealossorburdenuponsuchstate,territoryorthe |
|---|
| 98 | + | 86DistrictofColumbia,orapoliticalsubdivisionofthisstate;butthisprovisionisnotintended |
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| 99 | + | 87toconferuponsuchpersonorcorporationanyfinancialgainorexemptionortorelievesuch |
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| 100 | + | 88personorcorporationfromthepaymentofataxasprovidedforinchapter143uponthepart |
|---|
| 101 | + | HB2464 3 89orportionofsaidincometowhichsuchpersonorcorporationshallbeentitledundersuch |
|---|
| 102 | + | 90contract. |
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