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Legislation Will Save Manufacturing Companies Taxes on Electric Bill Senate Bill 30 was recently signed into law granting new exemptions from state taxes and local use taxes, however this new law doesn't impact local sales taxes. In order to qualify for the exemption the electricity must be used in the manufacturing, processing, compounding, mining or producing any product, or in the processing of recovered materials. Some examples stated on the Missouri Department of Revenue website that do not qualify for exemption are; preparing a meal in a restaurant, constructing a road or making floral arrangements. Some examples listed on the website that do qualify are; making cabinets for sale, preparing framed photographs for sale, commercial printing, processing recycled paper and bakeries. If you qualify, you must complete a Form 149 (Rev. 8-2007) obtained from the Department of Revenue (or through the link provided here) and deliver it to Farmers' Electric Cooperative to begin exempting your electricity from state sales tax. On Form 149 a selection from Section 5b must be checked, the percentage of your bill that qualifies must be indicated, your method of calculation must be identified and your exempted accounts numbers must be listed. This exemption is currently available and the form must be on file with Farmers' Electric to take advantage of it. For more information to determine if you qualify for this exemption, please visit the Missouri Department of Revenue. You may also contact them by phone at (573) 751-2836, by email, or by U.S. mail at PO Box 840, Jefferson City, MO 65105. |
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