Bank Tax/Sales Tax Credit

PURPOSE: This rule establishes the taxable year when the sales tax credits may be taken, in accordance with section 148.030.3., RSMo. (1) Beginning with taxable year 1987, all state and local sales and use taxes paid by banks as purchasers to sellers, vendors or Missouri on purchases of tangible personal property and services enumerated in Chapter 144, RSMo shall be creditable against the bank tax imposed under section 148.030, RSMo. (2) All state and local sales and use taxes, taken as a credit, will not be allowed as a deduction in computing taxable income. AUTHORITY: section 148.100, RSMo 1986.* Original rule filed March 2, 1987, effective Aug. 13, 1987. *Original authority: 148.100, RSMo 1945.