Missouri Code of State Regulations
Title 12 - DEPARTMENT OF REVENUE
Division 10 - Director of Revenue
Chapter 10 - Financial Institutions
Section 12 CSR 10-10.155 - Bank Tax/Sales Tax Credit
Universal Citation: 12 MO Code of State Regs 10-10.155
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This rule establishes the taxable year when the sales tax credits may be taken, in accordance with section 148.030.3., RSMo.
(1) Beginning with taxable year 1987, all state and local sales and use taxes paid by banks as purchasers to sellers, vendors or Missouri on purchases of tangible personal property and services enumerated in Chapter 144, RSMo shall be creditable against the bank tax imposed under section 148.030, RSMo.
(2) All state and local sales and use taxes, taken as a credit, will not be allowed as a deduction in computing taxable income.
*Original authority: 148.100, RSMo 1945.
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