APPENDIX 1 SUMMARY ITEMS THAT REDUCE TAX LIABILITY FOR MISSOURI TAXES BY TAX TYPE



Similar documents
FYI Income 6 Part-Year Resident and Nonresident Individuals

General Information. Illinois Department of Revenue Schedule NR IL-1040 Instructions

Line-by-Line Instructions for Schedule 1, Additions and Subtractions

General Information. Nonresident Step-by-Step Instructions

MBT FAQ Index. Updated 9/19/2008 1

Statutes & Regulations

U.S. Income Tax Return for an S Corporation

CHAPTER VIII CONSUMPTION TAX. General

U.S. Corporation Income Tax Return For calendar year 2015 or tax year beginning, 2015, ending, 20

MEMORANDUM. Illinois Department of Revenue. The Honorable John Cullerton Senate President. The Honorable Michael J. Madigan Speaker of the House

1. Property with useful life of less than 4 years $ 33 1/3% $ 2. Property with useful life of 4 years or more but less than 6 $ 66 2/3% $

Rule No. 806 ( CMR 806) NONRESIDENT INDIVIDUAL INCOME TAX

MTC APPORTIONMENT AND ALLOCATION RULES FOR FINANCIAL INSTITUTIONS

AUTOMATED INQUIRY AND MATCH PROCEDURES RESOURCE TYPE DESCRIPTION:

U.S. Property and Casualty Insurance Company Income Tax Return. For calendar year 2014, or tax year beginning, 2014, and ending, 20.

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1995 S 1 SENATE BILL 1303*

Social Security Number: Occupation: Address: Current Address (if not listed on W2 form or 1099 Taxpayer Name: Spouse Name: form):

North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns

Desk Aid 56: Income and Income Deductions

Individual Tax Interview Checklist Income Tax Return

AFGHANISTAN INCOME TAX LAW. An unofficial translation of the Income Tax Law 2009 as published in Official Gazette number 976 dated 18 th March 2009

2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012

CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS

Instructions for Form 1045

North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns

Tax Rates. For personal income tax purposes, for tax years beginning after 2014, the tax rates are as follows:

PEDRICK & COMPANY, LLC 103 CENTRAL AVENUE HINESVILLE, GA Organizer

SUBCHAPTER 5C - CORPORATE INCOME TAX SECTION CORPORATIONS SUBJECT TO THE TAX: TAX RATE AND ALLOCATION

Tax Return Questionnaire Tax Year

3. If you received any interest from a "Seller Financed" mortgage, provide: Name and Address of Payer Social Security Number Amount

THE MICHIGAN BUSINESS TAX (MBT)

Instructions for Form 1045

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007

THE MICHIGAN BUSINESS TAX

Answering Questions about Your Family s Income When Applying for Health Insurance

Title 35 Mississippi State Tax Commission. Part III Income and Franchise Tax

North Carolina s Reference to the Internal Revenue Code Updated - Impact on 2015 North Carolina Corporate and Individual income Tax Returns

Tax Preparation Checklist

2015 NEVADA TAX REFORMS. Commerce Tax, Modified Business Tax, Business License Fee

2014 LEGISLATION INCOME TAX

Sandberg Tax Service, LLC 1330 Flint Meadow Dr Kaysville, UT Organizer

APPENDIX 13-1 ECONOMIC DEVELOPMENT PROGRAMS AND GRANTS AVAILABLE

CT-33-I. Instructions for Form CT-33 Life Insurance Corporation Franchise Tax Return. Form CT-1, Supplement to Corporation Tax Instructions

New York State Corporate Tax Reform Outline Part A of Chapter 59 of the Laws of 2014 Signed March 31, 2014 April 2014

Instructions for Form 8582-CR (Rev. December 2010)

FULLER LANDAU LLP. Tax Return Questionnaire Tax Year. Name and Address: Social Security Occupation Number:

NB: receipt of an allowance does not automatically entitle an employee to a deduction. Compare to ATO Portal report.

TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013

INCOME AND DEDUCTIBLE ITEMS, SUMMARY CHART

Individual Retirement Arrangements (IRAs)

Form M-433-OIS Statement of Financial Condition and Other Information

ARTICLE 3.1. ADJUSTED GROSS INCOME TAX

Adjustments to Shareholders Equity [Page 4, Schedule L, Line 26(d)] See Retained Earnings, Unappropriated.

Budget Process. Budget Calendar. The City s fiscal year is July 1 through June 30.

Illinois Department of Revenue Regulations. Title 86 Part 100 Section Financial Organizations (IITA Section 1501) TITLE 86: REVENUE

Income, Gift, and Estate Tax Update

Instructions for Form 8582 Passive Activity Loss Limitations

General Information and Instructions for Completing Form IT-541 Fiduciary Income Tax Return

F-1120 INSTRUCTIONS. What s Inside. Florida Department of Revenue

LOCATION OF OFFICES TOLL-FREE TELEPHONE NUMBER (DELAWARE ONLY) WILMINGTON. Division of Revenue

Michigan Business Tax Frequently Asked Questions

Instructions for Form 6251

ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY)

SELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001

Nevada enacts Commerce Tax effective July 1, 2015

2. Adjustments to Federal Taxable Income The following additions to Federal taxable income must be made in determining State net income:

business owner issues and depreciation deductions

Counting Income for MAGI What Counts as Income

FORM NP OCCUPATIONAL LICENSE TAX NET PROFIT RETURN

TRADITIONAL IRA DISCLOSURE STATEMENT

COMPARING THE TAX BENEFITS NYS INNOVATION HOT SPOT AND START-UP NY PROGRAMS

Maine State Tax Expenditure Report & Maine Tax Incidence Study A Distributional Analysis Maine s State and Local Taxes

IT-225-I. General information. Line instructions

1. Nonresident Alien or Resident Alien?

NEW YORK TAX RATES. chart MAXIMUM INTRODUCTION INCOME EXCLUSIONS DEDUCTION ADJUSTMENTS

Department of Taxation

1420 n. CLAREMONT BLVD., SUITE 101-B TEL (909) CLAREMONT, CALIFORNIA FAX (909)

C o r p o r at e N e t I nc o m e T a x

Tax Return Questionnaire Tax Year

FYI For Your Information

Venture Capital Tax Credits By State

Module 10 S Corporation/Corporation Workbook Introduction

Consolidated Interim Earnings Report

Reg (Effective for tax years beginning on and after January 1, 1998) Allocation and apportionment of Vermont net income by corporations

STATE OF OKLAHOMA. 2nd Session of the 49th Legislature (2004) AS INTRODUCED

TAX INFORMATION RELEASE NO. 99-4

2014 Ohio IT Pass-Through Entity and Trust Withholding Tax Return Instructions. hio. Department of Taxation. For taxable year beginning in

2 Business Income Tax

Instructions for Form 8582-CR (Rev. January 2012)

Transcription:

APPENDIX 1 SUMMARY ITEMS THAT REDUCE TAX LIABILITY FOR MISSOURI TAXES BY TAX TYPE BANK FRANCHISE recapture, officer life insurance) the state of Missouri or any political subdivision thereof except taxes on real estate, unemployment taxes, bank tax, and taxes on tangible personal property owned by the taxpayer and held for lease or rental to others.) 8. Bank franchise tax credit SAVINGS & LOAN ASSOCIATION BUILDING & LOAN ASSOCIATION the state of Missouri or any political subdivision thereof, except taxes on tangible personal property owned by the taxpayer and held for lease or rental to others, contributions paid pursuant to the unemployment compensation law of Missouri, real estate taxes, social security taxes, and sales and use taxes) CREDIT UNION 1. Total operating expenses from NASCUS/NCUA Call Report 2. Dividends and interest paid on general shares (NASCUS/NCUA Call Report) 3. Loans charged off as bad debts the state of Missouri or any political subdivision thereof, except taxes on tangible personal property owned by the taxpayer and held for lease or 20

rental to others, contributions paid pursuant to the unemployment compensation law of Missouri, real estate taxes, social security taxes, and sales and use taxes) CREDIT INSTITUTION 5. Taxes deducted on federal return (All taxes paid to the State of Missouri or any political subdivision thereof are eligible except taxes on real estate, unemployment taxes, credit institution tax, and taxes on tangible personal property owned by the taxpayer and held for lease or rental to others.) FRANCHISE Line 2b reduces total assets by amount of investments in and advances to subsidiaries over 50 percent owned Line 3(a-d) allows corporations with assets out of Missouri to apportion them Line 7b allows new corporations or corporations with changes in their accounting periods to prorate their tax based on the months of the short period. Tax Credits the following tax credits are allowable for the franchise tax: Affordable Housing Credit Agricultural Products Utilization Contributor Adoption Tax Credit Brownfield Jobs & Investment Credit Demolition Tax Credit Community Bank Investment Credit Development Reserve Credit Domestic Violence Tax Credit Export Finance Credit Family Development Account Credit Higher Education Scholarship Fund Credit Infrastructure Development Credit Small Business Investment Credit Low Income Housing Credit Maternity Home Credit Neighborhood Assistance Credit New Enterprise Creation Credit 21

New Generation Cooperative Incentive Rebuilding Communities Credit Transportation Development Tax Credit Remediation Tax Credit Small Business Incubator Business Modernization and Tech Rebuilding Communities and Neighborhood Preservation Act Mature Worker Child Care Credit CORPORATE INCOME 1 Net operating loss carrybacks and forwards. 2 Capital loss carryback and forward. 3 Separate excess contributions (contributions are limited by the Internal Revenue Service to 10 percent of the modified federal taxable income. Excess contributions may be carried forward five years). 4 Exempt U.S. obligation interest. 5 Federally taxable Missouri exempt obligations. 6 Amount of any state income tax refund included in federal taxable income. 7 Capital gain exclusion from the sale of a low income housing project. 8 Fiduciary and Partnership modifications (items above associated with fiduciary and partnership income). 9 Federal income tax deduction. 10 Items which reduce the apportionment factor non-missouri source income and non-business income. 11 Missouri dividend deduction. 12 Enterprise zone modification. 13 Tax Credits. INDIVIDUAL INCOME Missouri Tax Credits New or Expanded Business Facility Development Reserve Infrastructure Development Export Finance Missouri Low Income Housing Missouri Business Modernization and Technology (Seed Capital) Neighborhood Assistance Affordable Housing Assistance Special Needs Adoption Enterprise Zone Small Business Incubator Small Business Investment (Capital) Community Bank Investment Qualified Research Expense Higher Education Scholarship Fund 22

Brownfield "Jobs and Investment" Youth Opportunities Processed Wood Energy Missouri Business Use Incentives for Large-Scale Development (BUILD) Maternity Home Shelter for Victims of Domestic Violence Historic Preservation Sponsorship and Mentoring Program Charcoal Producers Film Product Wine and Grape Production Rebuilding Communities Skills Development Advantage Missouri Dry Fire Hydrant Agricultural Product Utilization Contributor New Generation Cooperative Incentive Bank Tax Credit for S Corporation Shareholders Family Development Account New Enterprise Creation Remediation Disabled Access Share Care Tax Mature Worker Childcare Program Rebuilding Communities and Neighborhood Preservation Act Transportation Development Demolition Other Credits, Subtractions, and Deductions Interest from exempt federal obligations State income tax refund Negative adjustments from Partnerships, Fiduciaries, S corporations Railroad Retirement Benefits Missouri Individual Medical Account Contributions Capital Gain Deduction Due to Difference in Basis Accumulation Distribution Capital Gain Exclusion on Sale of Low Income Housing Annual Deposits to Family Development Account Missouri Higher Education Loan Authority Bond issuance and interest or proceeds from sale Annual contributions to MOST Missouri Depreciation Adjustment Pension Exemption Filing status exemption Standard Deduction: or 23

Itemized Deduction: federal itemized social security and Medicare railroad retirement tax self-employment tax state and local income taxes Federal tax deduction Other federal tax Dependent exemption Dependents over 65 exemption Self-employed health insurance deduction Long-term care insurance deduction Enterprise zone income modification Credit for taxes paid to other states Apportionment of Missouri source income Property tax credit 24

2026 © DocPlayer.net Privacy Policy | Terms of Service | Feedback  | Do Not Sell My Personal Information