Form Int-2 Draft - Bank Franchise Tax Return

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Missouri Department of Revenue

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General Instructions - 2015 Bank Franchise Tax Return

Section 148.010 – 148.112, RSMo

This information is for guidance only and does not state the complete law.

The 2015 Bank Franchise Tax Return (Form INT-2) form must be

This return must be filed by every bank and every trust company organized

completed and filed by April 18, 2016. An extension of time to file this

under any general or special law of this state and every national banking

return can be requested through the Application for Extension of Time to

association located in this state and any branch or office physically located

7004). An extension of time to file the return does not extend the

File

(Form

in this state of any commercial bank or trust company.

time for payment of the tax. An extension of time may not exceed 180 days

The Financial Institution Tax Schedule B

(Form

2331) must be

from the due date (April 18) pursuant to

Regulation 12 CSR

10-10.110.

completed and submitted with each Form INT-2. For proper completion,

Note: Any payment submitted after the due date of April 18 is subject to

Regulation 12 CSR

10-10.020. If any bank operates

please refer to

interest at the rate determined by

Section 32.065, RSMo

which can be

more than one office or branch in Missouri, the bank shall file one return

obtained from the Department’s website at

giving the address of each office or branch with the total dollar amounts

If any return is not filed by the due date, a penalty of 5% per month, not

of accounts or deposits of each office on Form 2331.

to exceed 25%, is calculated on the amount due.

All returns are filed based upon a calendar year business activity basis.

Instructions

claimed as a credit. Capitalized sales and use taxes paid by banks as

Enter your three digit county code of the principal place of your institution

purchasers are creditable. Documentation to support the capitalized

from the list provided at the end of these instructions.

sales and use tax credit must be available upon request.

Part 1

Certain criteria must be met in order for a tax credit to be allowable

Line 1 Enter the amount of taxable income or loss from Federal Form

pursuant to

Regulation 12 CSR

10-10.150, Tax Credits on Bank Tax

1120, Line 28, before any net operating loss deduction or special

Return, as follows:

deduction is applied, or Federal Form 1120S, Line 21.

(1) The following criteria shall be used to establish whether or not a

Taxpayers that are members of an affiliated group filing a consolidated

tax credit may be claimed against the Bank Franchise Tax,

federal income tax return shall compute federal taxable income as if

148.110,

RSMo, computed

imposed by Sections 148.010 to

a separate federal tax return had been filed by each member of the

pursuant to

Section 148.030.3,

RSMo:

affiliated group. A pro forma federal return or appropriate schedules

should then be attached together with a copy of pages 1 through 4 of the

(A) The payment must have been made to the state of Missouri or

consolidated federal income tax return.

a political subdivision located in the state of Missouri.

Line 2 Enter all income received on state or political subdivision obli-

(B) Payment must have resulted from a tax liability imposed by

gations excluded from the federal return. This income is taxable on this

a government agency, as defined in subsection (1)(A), and

return. Explain if different from tax-exempt interest shown on the federal

cannot be a regulatory fee collected solely for the purpose of

return.

paying the cost of administering the taxing jurisdiction’s laws.

Line 3 Enter all income received on federal securities excluded from

the federal return (e.g., non-taxable portion Federal Reserve Bank

de termine if an exaction, required by subsection (1)(A), is an

dividends). This income is taxable on this return.

allowable tax credit or a non-creditable fee:

Line 4 Enter the charitable contribution claimed on the federal return.

1. If the proceeds, paid as defined in subsection (1)(A), are

collected for deposit into the general revenue account of the

Line 5 Enter the bad debt claimed on the federal return or any

taxing jurisdiction, to raise revenue for said entity, then it is a

additions to a bad debt reserve claimed as a de duc tion on federal return.

tax and is an allowable tax credit.

(The reserve method is not a permissible method on this return.) In

the appropriate box, indicate the bad debt method used on the federal

2. If the proceeds, paid as defined in subsection (1)(A), are

return.

collected primarily to cover the costs of the regulation of an

activity, and which are then deposited with the regulatory

Line 6 Enter the excess, if any, of recoveries of bad debts previously

agency, then it is a non-cre dit able fee.

charged off over current year charge offs. Attach schedule of bad debt

computation.

(2) At all times the burden of establishing whether an exaction is an

allowable tax credit or a non-creditable fee shall be on the taxpayer.

Line 7 Enter any Missouri Bank Franchise Tax deducted on the federal

return. This is not an allowable deduction on this return.

An accrual basis taxpayer that is a member of an affiliated group filing

a consolidated Missouri income tax return shall allocate a portion of the

Note: Cash basis banks should add the Missouri Bank Franchise Tax

consolidated Missouri income tax liability for the year by multiplying such

paid in the preceding calendar year. Accrual basis banks should add the

liability by a fraction, the numerator of which is the separate Missouri

Missouri Bank Franchise Tax accrued during the previous calendar year.

taxable income of such member, and the denominator of which is the

Line 8

Enter here and on Line 19 any taxes claimed as credits on

sum of the separate Missouri taxable incomes of all members having

this return. All taxes paid to the State of Missouri or any political subdivi-

Missouri taxable income for the applicable year.

sion thereof are eligible except taxes on real estate, unemployment taxes,

A cash basis taxpayer that is a member of an affiliated group filing a

bank tax, and taxes on tangible personal property owned by the taxpayer

consolidated Missouri income tax return shall allocate each component

and held for lease or rental to others. Show detail on Page 2, Schedule

of the consolidated Missouri income tax paid (or refunded) during the

A. All state and local sales and use taxes paid by banks as purchasers to

sellers, vendors, or the State of Missouri on purchases of tangible personal

year by multiplying each component by a fraction, the numerator of

Chapter 144,

RSMo, may be

which is the separate Missouri taxable income of such member for the

property and services enumerated in

Form Int-2 Draft - Bank Franchise Tax Return - 2015 Page 3

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