Section 12 Credits Against Taxes

LibraryTax Law 2009

The Missouri Bank Tax is a parallel tax that can increase a bank’s overall tax but not decrease it. In other words, the tax liability exists only if the gross Missouri Bank Tax is greater than other taxes paid to the state of Missouri. Section 148.030.3, RSMo 2000, provides a credit for most taxes paid to the state of Missouri or any political subdivision of it against the income-based component of the Missouri Bank Tax. A separate credit for the asset-based component of the Missouri Bank Tax is provided against the income-based component under § 148.030.2. Under § 148.030.2, these credits are limited to the gross income-based tax and, thus, are nonrefundable. The effect of these credits is that normally an...

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