Missouri HB3503: Modifies the statutory provisions imposing a sales tax on food and authorizes a new business enterprise tax to offset lost revenue

What the bill says

From the introduced text:

SECOND REGULAR SESSION HOUSE BILL NO. 3503 103RD GENERAL ASSEMBLY INTRODUCED BY REPRESENTATIVE THOMAS. 6908H.01I JOSEPH ENGLER, Chief Clerk To repeal section 144.014, RSMo, and to enact in lieu thereof seven new sections relating to taxation, with penalty provisions. Section A. Section 144.014, RSMo, is repealed and seven new sections enacted in lieu thereof, to be known as sections 143.3000, 143.3003, 143.3006, 143.3009, 143.3012, 143.3015, and 144.014, to read as follows: 143.3000. 1. Sections 143.3000 to 143.3015 shall be known and may be cited as the "Business Enterprise Tax Act". 2. As used in sections 143.3000 to 143.3015, the following terms mean: (1) "Accumulated revenues and profits": (a) In the case of a corporation other than an S corporation, the amount determined to be earnings and profits for federal income tax purposes; or (b) In the case of all other business enterprises, including S corporations, the total undistributed revenues of the enterprise from whatever source derived, except that the distribution of capital, whether in liquidation or otherwise, shall not be included in the enterprise value tax base; (2) "Affiliated group", the same meaning as such term is defined under U.S.C. Section 1504(a) of the Internal Revenue Code, except that "affiliated group" shall not include: (a) An insurance company subject to taxation under 26 U.S.C. Section 801 of the Internal Revenue …

Read the full official text

Sponsors

• Nicholas Thomas (D, 019) · primary sponsor

Latest actions

1. May 15, 2026: Referred: Emerging Issues(H)
2. February 27, 2026: Read Second Time (H)
3. February 26, 2026: Introduced and Read First Time (H)

Common questions

What is HB3503?

HB3503 is a bill in the Missouri Legislature (2026 Regular Session): Modifies the statutory provisions imposing a sales tax on food and authorizes a new business enterprise tax to offset lost revenue.

What is the status of HB3503?

In committee as of May 15, 2026. Latest action: Referred: Emerging Issues(H) (May 15, 2026).

Who sponsored HB3503?

Nicholas Thomas (D, 019).

Where is the official record for HB3503?

On the Missouri Legislature website: https://house.mo.gov/BillContent.aspx?bill=HB3503&year=2026&code=R