§ 148.031 RSMo — Substitute bank franchise tax

A corporation that makes an election under 26 U.S.C. Section 1362, that is also a banking institution as defined in section 148.020 , shall pay the annual franchise tax as set forth in section 148.030 , as modified by this section, and which is substantially equal to the franchise tax which a corporation that has not made such election that is also a banking institution pays, as follows:

(1) For the purposes of calculating the tax due pursuant to section 148.030 , such electing corporation shall first determine all taxes due treating the electing corporation as a nonelecting corporation, both for federal and state tax purposes, including sections 148.010 to 148.110 and excluding section 143.471 ;

(2) The resulting franchise tax due under this calculation is the substitute franchise tax, and shall be paid as the corporation's bank franchise tax.