Official Summary Text
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Truly Agreed to and Finally Passed
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SS/SCS/SJR 95 - This constitutional amendment, if approved by voters, establishes the "Show-Me Prosperity Fund", which is established as a permanent public endowment to provide long-term fiscal stability with the goal of eliminating state-imposed taxes without impairing the real value of the fund's principal. The fund shall consist of money appropriated to it by the General Assembly, and may also receive gifts, donations, grants, and bequests from any source.
The State Treasurer shall invest the fund in exchange-traded funds tracking the stock performance of the Standard and Poor's 500 a manner consistent with fiduciary standards applicable to public trust funds. No money shall be appropriated from the fund until the notification is given by the State Treasurer that the net investment earnings of the fund, as defined in the amendment, are sufficient to eliminate state-imposed taxes, at which time net investment earnings from the fund shall be used to eliminate state taxes as provided in the amendment. The total amount of moneys that may be appropriated from the fund in a fiscal year shall not exceed three percent of the average market value of the fund over the preceding five fiscal years.
Upon the elimination of all state-imposed taxes, no such taxes shall thereafter be enacted, provided, however, that in the event the fund is unable to meet its obligations due to insolvency, revenue shortfall, or program failure, the General Assembly shall retain full authority to appropriate funds from any lawful source and to enact legislation establishing or increasing taxes or other revenues as necessary to ensure continuity of state programs and fulfillment of state expenditures that were anticipated to be supported by the fund.
Upon the elimination of all state-imposed taxes, the General Assembly may appropriate net investment earnings from the fund for the purpose of replacing federal moneys received by the state, for issuing dividend payments to residents of the state, or both.
The principal of the fund shall not be appropriated, pledged, or borrowed against. The State Auditor shall conduct an audit of the fund to ensure compliance with the provisions of the amendment at such times that the Auditor deems necessary, but no less than once every three fiscal years.
This amendment is substantially similar to HJR 189 (2026).
JOSHUA NORBERG
Perfected
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SS/SCS/SJR 95 - This constitutional amendment, if approved by voters, establishes the "Show-Me Prosperity Fund", which is established as a permanent public endowment to provide long-term fiscal stability with the goal of eliminating state-imposed taxes without impairing the real value of the fund's principal. The fund shall consist of money appropriated to it by the General Assembly, and may also receive gifts, donations, grants, and bequests from any source.
The State Treasurer shall invest the fund in exchange-traded funds tracking the stock performance of the Standard and Poor's 500 a manner consistent with fiduciary standards applicable to public trust funds. No money shall be appropriated from the fund until the notification is given by the State Treasurer that the net investment earnings of the fund, as defined in the amendment, are sufficient to eliminate state-imposed taxes, at which time net investment earnings from the fund shall be used to eliminate state taxes as provided in the amendment. The total amount of moneys that may be appropriated from the fund in a fiscal year shall not exceed three percent of the average market value of the fund over the preceding five fiscal years.
Upon the elimination of all state-imposed taxes, no such taxes shall thereafter be enacted, provided, however, that in the event the fund is unable to meet its obligations due to insolvency, revenue shortfall, or program failure, the General Assembly shall retain full authority to appropriate funds from any lawful source and to enact legislation establishing or increasing taxes or other revenues as necessary to ensure continuity of state programs and fulfillment of state expenditures that were anticipated to be supported by the fund.
Upon the elimination of all state-imposed taxes, the General Assembly may appropriate net investment earnings from the fund for the purpose of replacing federal moneys received by the state, for issuing dividend payments to residents of the state, or both.
The principal of the fund shall not be appropriated, pledged, or borrowed against. The State Auditor shall conduct an audit of the fund to ensure compliance with the provisions of the amendment at such times that the Auditor deems necessary, but no less than once every three fiscal years.
JOSHUA NORBERG
Senate Substitute
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SS/SCS/SJR 95 - This constitutional amendment, if approved by voters, establishes the "Show-Me Prosperity Fund", which is established as a permanent public endowment to provide long-term fiscal stability with the goal of eliminating state-imposed taxes without impairing the real value of the fund's principal. The fund shall consist of money appropriated to it by the General Assembly, and may also receive gifts, donations, grants, and bequests from any source.
The State Treasurer shall invest the fund in exchange-traded funds tracking the stock performance of the Standard and Poor's 500 a manner consistent with fiduciary standards applicable to public trust funds. No money shall be appropriated from the fund until the notification is given by the State Treasurer that the net investment earnings of the fund, as defined in the amendment, are sufficient to eliminate state-imposed taxes, at which time net investment earnings from the fund shall be used to eliminate state taxes as provided in the amendment. The total amount of moneys that may be appropriated from the fund in a fiscal year shall not exceed three percent of the average market value of the fund over the preceding five fiscal years.
Upon the elimination of all state-imposed taxes, no such taxes shall thereafter be enacted, provided, however, that in the event the fund is unable to meet its obligations due to insolvency, revenue shortfall, or program failure, the General Assembly shall retain full authority to appropriate funds from any lawful source and to enact legislation establishing or increasing taxes or other revenues as necessary to ensure continuity of state programs and fulfillment of state expenditures that were anticipated to be supported by the fund.
Upon the elimination of all state-imposed taxes, the General Assembly may appropriate net investment earnings from the fund for the purpose of replacing federal moneys received by the state, for issuing dividend payments to residents of the state, or both.
The principal of the fund shall not be appropriated, pledged, or borrowed against. The State Auditor shall conduct an audit of the fund to ensure compliance with the provisions of the amendment at such times that the Auditor deems necessary, but no less than once every three fiscal years.
JOSHUA NORBERG
Senate Committee Substitute
Print
SCS/SJR 95 - This constitutional amendment, if approved by voters, establishes the "Show-Me Prosperity Fund", which is established as a permanent public endowment to provide long-term fiscal stability with the goal of eliminating state-imposed taxes without impairing the real value of the fund's principal. The fund shall consist of money appropriated to it by the General Assembly, and may also receive gifts, donations, grants, and bequests from any source.
The State Treasurer shall invest the fund under a total-return strategy, considering income, capital appreciation, and long-term purchasing power, consistent with fiduciary standards applicable to public trust funds. No money shall be appropriated from the fund until the notification is given by the State Treasurer that the net investment earnings of the fund, as defined in the amendment, are sufficient to eliminate state-imposed taxes, at which time net investment earnings from the fund shall be used to eliminate state taxes as provided in the amendment. The total amount of moneys that may be appropriated from the fund in a fiscal year shall not exceed two percent of the average market value of the fund over the preceding five fiscal years.
Upon the elimination of all state-imposed taxes, no such taxes shall thereafter be enacted, provided, however, that in the event the fund is unable to meet its obligations due to insolvency, revenue shortfall, or program failure, the General Assembly shall retain full authority to appropriate funds from any lawful source and to enact legislation establishing or increasing taxes or other revenues as necessary to ensure continuity of state programs and fulfillment of state expenditures that were anticipated to be supported by the fund.
Upon the elimination of all state-imposed taxes, the General Assembly may appropriate net investment earnings from the fund for the purpose of replacing federal moneys received by the state, for issuing dividend payments to residents of the state, or both.
The principal of the fund shall not be appropriated, pledged, borrowed against, or otherwise encumbered for any purposes other than as provided in the amendment. The State Auditor shall conduct an audit of the fund to ensure compliance with the provisions of the amendment at such times that the Auditor deems necessary, but no less than once every three fiscal years.
JOSH NORBERG
Introduced
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SJR 95 - This constitutional amendment, if approved by voters, establishes the "Show-Me Prosperity Fund" for the purpose of eliminating state taxes and securing this state's long-term financial independence. The fund shall consist of money appropriated to it by the General Assembly, and may also receive gifts, donations, grants, and bequests from any source.
The State Treasurer shall invest the fund in exchange-traded funds tracking the performance of the Standard & Poor's 500, or a comparable successor index to be determined by law. No money shall be appropriated from the fund until January 1, 2127, until the fund reaches $2 trillion, or until the State Treasurer notifies the General Assembly that the balance in the fund is sufficient to eliminate state taxes, whichever occurs first, at which time the fund shall be invested in the manner specified in the Constitution for other funds, with preference given to certain investments bearing at least 3% interest annually, and the interest from the fund shall be used to eliminate or reduce state taxes as provided in the amendment.
The State Treasurer may reinvest a portion of the annual interest generated by the fund once all state-imposed taxes have been eliminated. Upon the elimination or reduction of any tax as provided in the amendment, no such tax shall thereafter be enacted or be increased beyond the rate as reduced pursuant to the amendment.
JOSH NORBERG
Current Bill Text
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SECOND REGULAR SESSION
[TRULY AGREED TO AND FINALLY PASSED]
SENATE SUBSTITUTE FOR
SENATE COMMITTEE SUBSTITUTE FOR
SENATE JOINT RESOLUTION NO. 95
103RD GENERAL ASSEMBLY
2026
4511S.20T
JOINT RESOLUTION
Submitting to the qualified voters of Missouri, an amendment to article IV of the Constitution of
Missouri, by adding thereto one new section relating to creation of a sovereign wealth
fund for the state of Missouri.
Be it resolved by the Senate, the House of Representatives concurring therein:
That at the next general election to be held in the 1
state of Missouri, on Tuesday next following the first Monday 2
in November, 2026, or at a special election to be called by 3
the governor for that purpose, there is hereby submitted to 4
the qualified voters of this state, for adoption or 5
rejection, the following amendment to article IV of the 6
Constitution of the state of Missouri:7
Section A. Article IV, Constitution of Missouri, is 1
amended by adding thereto one new section, to be known as 2
section 15(a), to read as follows:3
Section 15(a). 1. There is hereby established within 1
the state treasury a fund to be known as the "Show-Me 2
Prosperity Fund", which shall be established as a permanent 3
public endowment to provide long-term fiscal stability with 4
the goal of eliminating state-imposed taxes without 5
impairing the real value of the fund's principal. The fund 6
shall consist of moneys appropriated to it by the general 7
SS SCS SJR 95 2
assembly, and may also receive gifts, donations, grants, and 8
bequests from any source. 9
2. (1) The state treasurer shall invest the fund in 10
exchange-traded funds tracking the stock performance of the 11
Standard and Poor's 500, or a comparable successor index to 12
be determined by law, in a manner consistent with fiduciary 13
standards applicable to public trust funds. 14
(2) No moneys shall be appropriated from the fund 15
prior to notification given by the state treasurer to the 16
general assembly that the net investment earnings for the 17
fund during the previous fiscal year is sufficient to 18
replace the revenue generated by all taxes enumerated in 19
subdivision (3) of this subsection, provided that any such 20
notification shall be approved by the general assembly 21
through a concurrent resolution within the first sixty 22
calendar days of the regular session immediately following 23
the notification given by the state treasurer. 24
(3) Moneys appropriated from the fund shall be used 25
solely to eliminate the following state-imposed taxes: 26
(a) The individual income tax; 27
(b) The state sales and use tax; 28
(c) The state corporate income tax; and 29
(d) All other state-imposed tax in an order of 30
priority to be determined by law. 31
(4) The amount of moneys that may be appropriated from 32
the fund in any fiscal year shall not exceed three percent 33
of the average market value of the fund over the preceding 34
five fiscal years. The provisions of this subdivision shall 35
not be construed to prohibit the general assembly from 36
appropriating less than three percent of the average market 37
value of the fund in any fiscal year. 38
SS SCS SJR 95 3
(5) Upon the elimination of the taxes enumerated in 39
subdivision (3) of this subsection, no such tax shall 40
thereafter be enacted, provided, however, that in the event 41
the fund is unable to meet its obligations due to 42
insolvency, revenue shortfall, or program failure, the 43
general assembly shall retain full authority to appropriate 44
funds from any lawful source and to enact legislation 45
establishing or increasing taxes or other revenues as 46
necessary to ensure continuity of state programs and 47
fulfillment of state expenditures that were anticipated to 48
be supported by the fund. 49
(6) Upon the elimination of all taxes enumerated in 50
subdivision (3) of this subsection, the general assembly may 51
appropriate net investment earnings from the fund for the 52
purpose of replacing federal moneys received by the state, 53
for issuing dividend payments to residents of the state, or 54
both. 55
3. Notwithstanding any provision of this section to 56
the contrary, the principal of the fund shall not be 57
appropriated, pledged, or borrowed against. The state 58
auditor shall conduct an audit of the fund to ensure 59
compliance with the provisions of this section at such times 60
that the auditor deems necessary, but no less than once 61
every three fiscal years. 62
4. The balance and investment performance of the fund 63
shall be made available and updated at least quarterly on an 64
existing free, internet-based database created by law or 65
executive order for the purpose of tracking state and local 66
financial information. 67
5. For the purposes of this section, the following 68
terms shall mean: 69
SS SCS SJR 95 4
(1) "Individual income tax", the tax imposed on 70
individuals, estates, and trusts, and the fiduciaries 71
thereof; 72
(2) "Net investment earnings", all income, gains, and 73
appreciation realized by the fund, net of investment 74
management fees and expenses. 75
Section B. Pursuant to chapter 116, and other 1
applicable constitutional provisions and laws of this state 2
allowing the general assembly to adopt ballot language for 3
the submission of this joint resolution to the voters of 4
this state, the official summary statement of this 5
resolution shall be as follows: 6
"Shall the Missouri Constitution be amended to 7
establish a permanent public endowment fund to 8
support state government instead of taxing 9
Missouri residents, prohibit the General 10
Assembly from appropriating or diverting the 11
fund, and eliminate state-imposed taxes once the 12
fund generates sufficient revenue to replace 13
them?". 14
✓