Bank Franchise Tax Credit (BFT)

Purpose

• Permits corporations to claim a bank franchise tax credit if the bank is unable to use the credit on its financial institution tax return.

Eligible Applicants

• For tax returns filed on or after January 1, 2001, including returns based on income in the year 2000 and after, a banking institution shall be entitled to an annual tax credit equal to one-sixtieth of one percent of its outstanding shares and surplus employed in this state if the outstanding shares and surplus exceed one million dollars.

Eligible Use of Tax Credit

• This credit is nonrefundable and cannot be carried forward or carried back.

Procedures to Claim the Credit

• This tax credit shall be taken as a dollar-for-dollar credit against the bank tax provided for in Subdivision (2) of Subsection 2 of Section 148.030; if such bank tax was already reduced to zero by other credits, then against the corporate income tax provided for in Chapter 143, RSMo.
• Attach a copy of your completed Form INT-2, INT-2-1, and MO-TC to your corporate income tax return.

Forms

• Form MO-TC, Miscellaneous Tax Credits
• INT-2, INT-2-1
• Business Tax Forms

Contact Missouri Department of Revenue, Taxation Division:

• E-mail: income@dor.mo.gov
• Phone: 573-751-4541 (for business tax)