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Missouri’s sales tax receipts have grown almost 45% since fiscal 2018, a combination of inflation of almost 25% and new revenue from online sales.In the same period, income tax collections grew ...
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Missouri’s tax-free weekend this year will be Aug. 5 to 7. Anyone can shop without paying state and local sales taxes on included items during this time, even if you’re not shopping ...
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Missouri also imposes a use tax on tangible personal property that is stored, used, or consumed in Missouri but not subject to the sales tax. [ 11 ] In addition to the state sales tax rate, counties, cities, and other political subdivisions are permitted to impose their own sales taxes. [ 12 ]
There is no sales tax on food items, but prepared meals purchased in a restaurant are subject to a meal tax of 6.25% (in some towns voters chose to add a local 0.75% tax, raising the meal tax to 7%, with that incremental revenue coming back to the town). Sales tax on liquor was repealed in a 2010 referendum vote.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.