A House bill that won committee approval Monday would impose a tax on online sales, but it’s unknown how much revenue it would bring in or lose.
The bill, HB 1957, would introduce a tax on online sales from out-of-state retailers while adjusting income tax rates annually. The House Ways and Means Committee passed the bill Monday. It now goes to the full House.
The bill, known as the Wayfair legislation, gets its nickname from Wayfair Inc., which doesn’t pay sales tax since it doesn’t have brick-and-mortar facilities in Missouri.
The bill would adjust the top income tax rate annually, with the rate going up when sales tax fails to increase by a certain percentage in the previous fiscal year, and vice versa.
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