Mo. Lawmakers OK Property Tax Refunds, Pot Biz Tax Break

Missouri lawmakers passed an omnibus tax bill that would allow commercial property owners to recoup property taxes paid during periods where their operations were restricted amid pandemic-related shutdown orders and offer medical marijuana companies an additional tax deduction.

Under S.B. 226, property owners whose businesses faced certain restrictions, such as occupancy limitations, from local governments could seek a property tax refund for the duration of the property use limitations, minus 15 days, starting Jan. 1, 2021. The House of Representatives gave the bill final passage on Friday after the Senate approved it Wednesday. The legislation will next head to Republican Gov. Mike Parson.

For medical marijuana companies, the bill would also decouple the state from Internal Revenue Code Section 280E , which prohibits businesses from taking a deduction on income derived from trafficking of controlled substances.

Other provisions in the bill would increase the thresholds for remitting sales tax monthly, quarterly or annually and allow sellers to deduct and retain the state's portion of sales tax levied on movie and musical performance tickets and concession sales from Aug. 28, 2021, through June 30, 2023.

Sen. Andrew Koenig, R-Manchester, introduced the bill Jan. 6.

--Additional reporting by Jaqueline McCool. Editing by Vincent Sherry. 

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