Just one check, please—Single remittance bill could simplify tax payment
With Missouri’s many taxing jurisdictions, paying the tax bill can become a tedious process for large companies.
Take, for example, CenturyLink. The company has to write roughly 400 checks each month just to stay up to date on taxes.
Missouri lawmakers are hoping to address this problem with a new single remittance law—allowing Missouri businesses to send just one tax bill to the Missouri Department of Revenue, which then distributes the funds to other taxing entities across the state.
A similar bill had momentum last session. However, it stalled when the Missouri Department of Revenue declared it would take more than 100 new employees to implement the program. Since that time, the department has revised its estimate and now says it would take roughly 15 new employees.
When fully implemented, the program would actually create $1.5 million in new revenue for the state due to a fee the businesses would pay to go single remittance.
The idea for this program was generated by the business leaders who serve on the Missouri Chamber of Commerce and Industry’s Tax Policy Council.
“We asked, ‘What are some ways we can reduce burden on employers around the state?’” said Tracy King, Missouri Chamber vice president for governmental affairs.
Claudia Sands, CenturyLink’s government relations manager, said the bill would certainly reduce the burden at her company.
“This legislation gives us the option to remit just one check versus the 400 we do today,” she said.
For more information, contact King at firstname.lastname@example.org or by phone at 573.634.3511.