Corporation Franchise Tax
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Category: Business & Franchise
Source: eparc.missouri.edu, Author: StrattonM
Page: 3 pages
May 29, 2008 - The franchise tax utilizes a single factor al lo ca tion formula which is defined as the Derivation of Missouri Taxable Income—Corporation Franchise
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Corporation Franchise Tax
The Missouri corporation franchise tax was enacted effective June 18, 1917. The original tax rate was 0.0075 percent. The rate was reduced to 1/10 of 1 percent in 1919 and further reduced to 1/20 of 1 percent in 1921. The current rate of 1/30 of 1 percent became effective January 1, 2000. The base of the tax is the greater of: (1) the total assets of a corporation or (2) the value of its paid up capital stock (see Exhibit 13). Shares without par value are considered as having a value of $5 per share. For the tax year beginning after January 1, 1987 all domestic corporations and all foreign corporations engaged in business in Missouri who had paid-up stock in excess of $200,000 were subject to the tax. Beginning January 1, 2000 the threshold was increased to $1,000,000. Corporations not organized for profit, express companies, Industrial Development Authorities, financial institutions and insurance companies are exempt from the franchise tax. The tax is currently administered by the Missouri Department of Revenue but was under the auspices of the Missouri Secretary of State for the period of January, 1988 to 1999.
Corporation Franchise Tax
2006 Rank of portion of gross receipts: 7 2006 Tax Rate: 0.0333%
2004 Gross Receipts General Fund Other Tax Expenditures Credits
Figures in millions of dollars
2005 85.7 0.0 16.9
2006 34.3 0.0 10.0
111.1 0.0 7.9
d ce dies a u od Stu mbi pr al lu n o ee Fisc ri-C b s al ou ha ion iss le g ab Re of M t is e & ity Th tat ers S iv e Un Th
Prior to 1987, all domestic and every foreign corporation that engaged in any business in Missouri was subject to this tax. The minimum tax, or filing fee, was $25. The current minimum filing fee is $69. The effect of this change was to exempt all small corporations with a minimal liability. The estimated tax expenditure due to this change is approximately $4 million per year. The current statute also authorizes several credits that cannot be utilized to offset Missouri corporation income tax liabilities.
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