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SECOND REGULAR SESSION
HOUSE JOINT
RESOLUTION NO. 189
103RD GENERAL ASSEMBL Y
INTRODUCED BY REPRESENT A TIVE WELLENKAMP .
7127H.02I JOSEPH ENGLER, Chief Clerk
JOINT RESOLUTION
Submitting to the qualified voters of Missouri an amendment to Article IV of the Constitution
of Missouri, by adopting one new section relating to the creation of a sovereign wealth
fund for the state of Missouri.
Be it r esolved by the House of Repr esentatives, the Senate concurring ther ein:
That at the next general election to be held in the state of Missouri, on T uesday next
2 following the first Monday in November , 2026, or at a special election to be called by the
3 governor for that purpose, there is hereby submitted to the qualified voters of this state, for
4 adoption or rejection, the following amendment to Article IV of the Constitution of the state
5 of Missouri:
Section A. Article IV , Constitution of Missouri, is amended by adopting one new
2 section, to be known as Section 15(a), to read as follows:
Section 15(a). 1. There is here by established within the state tr easury a fund to
2 be known as the "Show-Me Pr osperity Fund", which shall be established as a
3 permanent public endowment to provi de long-term fiscal stability with the goal of
4 eliminating state-imposed taxes without impairing the re al value of the fund's principal.
5 The fund shall consist of moneys appr opriated to it by the general assembly , and may
6 also rece ive gifts, donations, grants, and bequests fr om any source.
7 2. (1) The state tr easurer shall invest the fund under a total-r eturn strategy ,
8 considering income, capital appr eciation, and long-term purch asing power , consistent
9 with fiduciary standards applicable to public trust funds.
EXPLANA TION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law . Matter in bold-face type in the above bill is proposed language.
10 (2) No moneys shall be appr opriated fr om the fund prior to notification given by
11 the state tr easurer to the general assembly that the net investment earnings for the fund
12 during the prev ious fiscal year ar e sufficient to repl ace the reve nue generated by all
13 taxes enumerated in subdivision (3) of this subsection, pro vided that any such
14 notification shall be appr oved by the general assembly thr ough a concurr ent re solution
15 within the first sixty calendar days of the regul ar session immediately following the
16 notification given by the state tr easurer .
17 (3) Moneys appr opriated fr om the fund shall be used solely to eliminate the
18 following state-imposed taxes:
19 (a) The individual income tax;
20 (b) The state sales and use tax;
21 (c) The state corporate income tax; and
22 (d) All other state-imposed taxes in an order of priority to be determined by law .
23 (4) The amount of moneys that may be appr opriated fr om the fund in any fiscal
24 year shall not exceed two percen t of the average market value of the fund over the
25 pr eceding five fiscal years.
26 (5) In the event the show me prosperi ty fund is unable to meet its obligations due
27 to insolvency , r evenue shortfall, or pro gram failur e, the general assembly r etains full
28 authority to appr opriate funds fro m any lawful source and to enact legislation
29 establishing or incre asing taxes or other reven ues as necessary to ensure continuity of
30 state progr ams and fulfillment of state expenditure s that wer e anticipated to be
31 supported by the fund.
32 (6) Upon the elimination of all taxes enumerated in subdivision (3) of this
33 subsection, the general assembly may appr opriate net investment earnings fr om the
34 fund for the purpose of repla cing federal moneys receiv ed by the state, for issuing
35 dividend payments to res idents of the state, or both.
36 3. Notwithstanding any pr ovision of this section to the contrary , the principal of
37 the fund shall not be appropr iated, pledged, borr owed against, or otherwise
3 8 encumber ed for any purposes other than as pr ovided in this section. The state
39 auditor shall conduct an audit of the fund to ensur e compliance with the pr ovisions of
40 this section at such times that the auditor deems necessary , but no less than once every
41 thr ee fiscal years.
42 4. The balance and investment performance of the fund shall be made available
43 and updated at least quarterly on an existing, fr ee, internet-based database cre ated by
44 law or executive order for the purpose of tracking state and local financial information.
45 5. For the purposes of this section, the following terms shall mean:
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46 (1) "Individual income tax", the tax imposed on individuals, estates, and trusts,
47 and the fiduciaries ther eof;
48 (2) "Net investment earnings", all income, gains, and appr eciation rea lized by
49 the fund, net of investment management fees and expenses.
Section B. Pursuant to chapter 1 16, and other applicable constitutional provisions and
2 laws of this state allowing the general assembly to adopt ballot language for the submission of
3 this joint resolution to the voters of this state, the of ficial summary statement of this
4 resolution shall be as follows:
5 "Shall the Missouri Constitution be amended to create a permanent public endowment
6 fund that would make the state financially independent and eventually replace state-
7 imposed taxes once the fund is lar ge enough to cover the state's entire budget?".
✔
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