Missouri § 148.031 Substitute bank franchise tax.

Missouri Statutes

§ 148.031 — Substitute bank franchise tax.

Missouri § 148.031

Title XTAXATION AND REVENUE

Ch. 148Taxation of Financial Institutions

This text of Missouri § 148.031 (Substitute bank franchise tax.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 148.031 (2026).

Text

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

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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.