Section 14 Short-Base Years

• Library: Tax Law 2009

A bank that receives a new charter is subject to the Missouri Bank Tax for the calendar year in which it received its certificate and the next subsequent full taxable year. The tax for this period is based on the bank’s net income for the period of the short calendar year. Section 148.090, RSMo 2000. Although § 148.040, RSMo 2000, does not specifically deal with the issue, presumably a new bank must also pay the asset-based tax portion of the Missouri Bank Tax on a similar basis. Credits against the tax...