Missouri Code of State Regulations — Title 12 (Department of Revenue)
12 CSR 10-10.150
Tax Credits on Bank Tax Return
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.
AUTHORITY: section 148.100, RSMo 1986.* Original rule filed March 2, 1987, effective May 28, 1987.
*Original authority: 148.100, RSMo 1945.
Amendment history
AUTHORITY: section 148.100, RSMo 1986.* Original rule filed March 2, 1987, effective May 28, 1987. *Original authority: 148.100, RSMo 1945.
Source: view the official PDF
In this chapter (24 sections)
- 12 CSR 10-10.010 · Sales Tax/Bank Tax Credit
- 12 CSR 10-10.020 · Allocation of Bank Tax
- 12 CSR 10-10.030 · Statute of Limitations for Bank Tax
- 12 CSR 10-10.040 · Statute of Limitations for Credit Union and Savings…
- 12 CSR 10-10.050 · Statute of Limitations for Credit Institutions Tax
- 12 CSR 10-10.060 · Multiple Assessments of Credit Unions and Savings…
- 12 CSR 10-10.070 · Extension of Time to File Credit Unions and Savings…
- 12 CSR 10-10.080 · Multiple Assessments of Credit Institutions for a…
- 12 CSR 10-10.090 · Extension of Time to File Credit Institutions Tax…
- 12 CSR 10-10.100 · Multiple Assessments of Banking Institutions for a…
- 12 CSR 10-10.110 · Extension of Time to File Bank Tax Returns
- 12 CSR 10-10.120 · Delinquent Interest Rate for Insurance Premium and…
- 12 CSR 10-10.125 · Income Period
- 12 CSR 10-10.130 · Bank Franchise Tax
- 12 CSR 10-10.135 · Federal Income Tax Deduction
- 12 CSR 10-10.140 · Interest, Additions to Tax and Penalty
- 12 CSR 10-10.145 · Refund of Overpayment of Bank Tax— Refund From Other…
- 12 CSR 10-10.150 · Tax Credits on Bank Tax Return
- 12 CSR 10-10.155 · Bank Tax/Sales Tax Credit
- 12 CSR 10-10.160 · Neighborhood Assistance Credit (NAC)
- 12 CSR 10-10.165 · Method of Computing Federal Income Tax Deduction for…
- 12 CSR 10-10.170 · Method of Computing Federal Income Tax Deduction for…
- 12 CSR 10-10.175 · Personal Property Tax Credits—Definition,…
- 12 CSR 10-10.180 · Interest Earned by Banking Institutions From the…