Section 11 Tax Refund Provision

• Library: Tax Law 2009

The refund provision of article X, § 18(b), of the Missouri Constitution provides:

For any fiscal year in the event that total state revenues exceed the revenue limit established in this section by one percent or more, the excess revenues shall be refunded pro rata based on the liability reported on the Missouri state income tax (or its successor tax or taxes) annual returns filed following the close of such fiscal year. If the excess is less than one percent, this excess shall be transferred to the general revenue fund.

Since the adoption of Hancock there has been controversy regarding the constitutionality of the § 18(b) refund...