New depreciation scale for MO business equipment
By Maria Hickey, KWMU
St. Louis, MO – A new Missouri law goes into effect Monday that makes tax assessment for new business equipment uniform throughout the state.
The depreciation scale of equipment will follow a schedule similar to the Internal Revenue Scale.
Missouri State Senator John Greisheimer (R-Washington) was one of the bill's sponsors. He says too many businesses were appealing their tax assessment.
"There was no fairness there, there was no statewide way of assessing this property," Griesheimer said. "We had 114 counties and it was being assessed 114 different ways."
The Missouri School Board Association has expressed concern over the law's accelerated depreciation rate. Spokesman Chris Straub says it might mean less revenues for school districts in the future.
But Greisheimer says he doesn't expect districts to lose revenue.