139.600. Exemption of merchants' and manufacturers' tangible personal property, lost revenues defined--replacement tax revenues, distribution of.

Exemption of merchants' and manufacturers' tangible personal property,lost revenues defined--replacement tax revenues, distribution of.

139.600. 1. To implement the provisions of section 6 ofarticle X of the Missouri Constitution, the amount received byeach taxing authority for the preceding year which will be "lostrevenues" as defined in subsection 4 of section 6 of article X ofthe Missouri Constitution and resulting from the exemption ofcertain personal property of manufacturers, refiners,distributors, wholesalers, and retail merchants andestablishments, shall be determined by each county clerk as ofMarch thirty-first of the year the exemption becomes effectiveand shall include any delinquent taxes received during thepreceding year and taxes for the preceding year which have beenreceived by the collector but are subject to an appeal as of thatdate. The levy to be charged against the assessed valuation ofreal property listed in subclass (3) of class 1 of section 4(b)of article X of the Missouri Constitution necessary to producethe total revenues lost by all taxing authorities in the countyshall be determined by each county clerk no later than Septemberfirst of the year the replacement tax is first imposed. Theexemption of certain personal property of manufacturers,refiners, distributors, wholesalers, and retail merchants andestablishments under section 6 of article X of the MissouriConstitution shall not become effective in any county or city notwithin a county of this state until January 1, 1985, upon whichdate such exemption shall be effective in all counties and citiesnot within a county in this state.

2. For the first year in which a replacement tax is imposedunder this section, the total replacement revenues received bythe county collector shall be distributed as provided insubsection 2 of section 6 of article X of the MissouriConstitution at such time or times as he deems appropriate. Thetotal amount available for distribution as replacement revenuesfor such first year in which a replacement tax is imposed shallbe that amount received from the replacement tax as of Januarythirty-first of the year immediately following the year thereplacement tax is first imposed.

3. For the second and each succeeding year in which areplacement tax is imposed under this section, the total amountof replacement revenue available to each county for distributionshall be the amount received by each county during the previoustwelve months, as of January thirty-first of the following year.The amount of replacement revenue to be distributed to eachtaxing authority within each county shall be calculated bymultiplying the total amount of replacement revenues to bedistributed by a fraction which shall have:

(1) A numerator which is determined by taking the amount of"lost revenues" as defined in subsection 4 of section 6 ofarticle X of the Missouri Constitution, of such taxing authority,and multiplying the amount of such lost revenues by thepercentage which the then current assessed valuation of realproperty in the taxing authority in subclass (3) of class 1property, as set out in section 4(b) of article X of the MissouriConstitution, is of the assessed valuation of such property onJanuary first of the first year the replacement tax was imposed,using in both instances the taxing authority's boundaries as theyexisted on January first of the first year the replacement taxwas imposed;

(2) A denominator which is the sum of all figures calculatedunder subdivision (1) of this subsection for each taxingauthority within the county.

4. If any taxing authority which is receiving replacementrevenues annexes additional property, such property shall not beincluded in the calculations made under subdivision (1) ofsubsection 3 of this section. If any two or more taxingauthorities merge, the amount determined under subdivision (1) ofsubsection 3 of this section for the resulting taxing authorityshall be the sum of the amounts, if any, determined undersubdivision (1) of subsection 3 for each of the taxingauthorities merged.

(L. 1983 S.B. 63, et al. § 2)