Missouri Code of State Regulations
Title 12 - DEPARTMENT OF REVENUE
Division 10 - Director of Revenue
Chapter 10 - Financial Institutions
Section 12 CSR 10-10.150 - Tax Credits on Bank Tax Return
Universal Citation: 12 MO Code of State Regs 10-10.150
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This rule establishes guidelines concerning allowable tax credits on the bank franchise tax return pursuant to section 148.030.3., RSMo.
(1) The following criteria shall be used to establish whether or not a tax credit may be claimed against the bank franchise tax, imposed by sections 148.010-148.110, RSMo, computed pursuant to section 148.030.3., RSMo:
(A) The payment must have been made to
Missouri or a Missouri political subdivision;
(B) Payment must have resulted from a tax
liability imposed by a government agency, as defined in subsection (1)(A) and
cannot be a regulatory fee collected solely for the purpose of paying the cost
of administering the taxing jurisdiction's laws; and
(C) The following should be used as a general
guideline to determine if an exaction, required by subsection (1)(A), is an
allowable tax credit or a noncreditable fee:
1. If the proceeds, paid as defined in
subsection (1)(A), are collected for deposit into the general revenue account
of the taxing jurisdiction, to raise revenue for the entity, then it is a tax
and is an allowable tax credit; or
2. If the proceeds, paid as defined in
subsection (1)(A), are collected primarily to cover the costs of the regulation
of an activity, and which are then deposited with the regulatory agency, then
it is a noncreditable fee.
(2) At all times the burden of establishing whether an exaction is an allowable tax credit or a noncreditable fee shall be on the taxpayer.
*Original authority: 148.100, RSMo 1945.
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