HB 1423 -- Tax Credit for Banking Institutions

Sponsor:  Franz

This bill authorizes a tax credit to banking institutions in an
amount equal to the tax imposed by foreign states when the
Missouri bank doesn't have a physical presence in the taxing
state.  The credit will be applied first to franchise tax and
then to corporate income tax.

When a foreign state imposes a tax on a Missouri bank without a
physical presence in the taxing state, the bill imposes a similar
tax on the banking institutions chartered in that taxing state
conducting business in Missouri without a physical presence.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:10 pm