94.550. Deposit of receipts of tax--state to retain percentage--distribution by director of revenue--refunds authorized--effect of abolition of tax. - Missouri Statutes

Deposit of receipts of tax--state to retain percentage--distributionby director of revenue--refunds authorized--effect of abolitionof tax.

94.550. 1. All city sales taxes collected by the directorof revenue under sections 94.500 to 94.550 on behalf of any city,less one percent for cost of collection which shall be depositedin the state's general revenue fund after payment of premiums forsurety bonds as provided in section 32.087, RSMo, shall bedeposited with the state treasurer in a special trust fund, whichis hereby created, to be known as the "City Sales Tax TrustFund". The moneys in the city sales tax trust fund shall not bedeemed to be state funds and shall not be commingled with anyfunds of the state. The director of revenue shall keep accuraterecords of the amount of money in the trust fund which wascollected in each city imposing a city sales tax, and the recordsshall be open to the inspection of officers of the city and thepublic. Not later than the tenth day of each month the directorof revenue shall distribute all moneys deposited in the trustfund during the preceding month, to the city treasurer, or suchother officer as may be designated by the city ordinance, of eachcity imposing the tax authorized by sections 94.500 to 94.550,the sum due the city as certified by the director of revenue.

2. The director of revenue may authorize the statetreasurer to make refunds from the amounts in the trust fund andcredited to any city for erroneous payments and overpaymentsmade, and may redeem dishonored checks and drafts deposited tothe credit of such cities. If any city abolishes the tax, thecity shall notify the director of revenue of the action at leastninety days prior to the effective date of the repeal and thedirector of revenue may order retention in the trust fund, for aperiod of one year, of two percent of the amount collected afterreceipt of such notice to cover possible refunds or overpaymentof the tax and to redeem dishonored checks and drafts depositedto the credit of such accounts. After one year has elapsed afterthe effective date of abolition of the tax in such city, thedirector of revenue shall authorize the state treasurer to remitthe balance in the account to the city and close the account ofthat city. The director of revenue shall notify each city ofeach instance of any amount refunded or any check redeemed fromreceipts.

(L. 1969 p. 166 § 6, A.L. 1980 S.B. 693, A.L. 1991 H.B. 29)