Section 8 Dual Tax Base: Chapter 147, RSMo, Corporate Franchise Tax, and Preceding Year?s Net Income

• Library: Tax Law 2009

In Centerre Bank of Crane v. Director of Revenue, 744 S.W.2d 754
(Mo. banc 1988), the Supreme Court held that the Missouri Bank Tax is an annual franchise tax rather than a property tax. Before the 1986 amendments to Missouri’s tax law, the Missouri Bank Tax was based solely on the net income of the bank for the preceding calendar year. Section 148.030, then RSMo 1978. The 1986 amendments incorporated the Chapter 147, RSMo, corporate franchise tax as a separate component to the Chapter 148, RSMo, bank tax...