Section 13 Apportionment

LibraryTax Law 2009

Faced with the growth of interstate banking, in 1993, the Missouri legislature added § 148.097, now RSMo 2000, which provides banks with a means of excluding part of their income from the Missouri Bank Tax. Before this change, a Missouri bank or trust company or a national bank located in Missouri was taxed on all its income, regardless of its source. To be eligible to apportion income, the taxpayer must:

  • have business activity in another state; and

  • pay a “net income tax, a franchise tax measured by net income, a franchise tax for the privilege of doing business...

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