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MISSOURI DEPARTMENT OF REVENUE
TAXATION DIVISION
FORM
WORKSHEET FOR CALCULATING
4354
BUSINESS FACILITY CREDIT,
ENTERPRISE ZONE MODIFICATION AND
(REV. 11-2011)
ENTERPRISE ZONE CREDIT
ENTERPRISE ZONE MODIFICATION
1. Add all of the income lines from Federal Schedule K-1
or Federal Form 1040, Schedule C, Line 31.....................................................................................
1
2. Enter the amount of the total deductions (see instructions) (Skip Line 2 if using
Schedule C.) .....................................................................................................................................
2
3. Line 1 minus Line 2 equals the net income. If claiming a Business Facility
Credit skip to Line 7. (Enter this amount on Lines 10 and 16.) ........................................................
3
.
4. Enter the percentage of income attributed to the Enterprise Zone Facility
(from Schedule 250). ........................................................................................................................
4
%
5. Multiply Line 3 by Line 4 ...................................................................................................................
5
6. Multiply Line 5 by 50%—equals the Enterprise Zone Modification (Exemption)
see instructions .................................................................................................................................
6
MAXIMUM AMOUNT OF CREDIT AVAILABLE
7. Capture the dollar amount of the credit available from Schedule 250 or Schedule 150 ...................
7
.
8. Enter your percentage of ownership as of the last day of the taxable period. ..................................
8
%
9. Multiply Line 7 by Line 8, equals maximum amount of credit available ............................................
9
OPTION 1
10. Enter the dollar amount from Line 3 above.......................................................................................
10
11. Enter the amount of Enterprise Zone Modification (Exemption) from Line 6. If claiming
a Business Facility Credit, enter zero (0) for Line 11 ........................................................................
11
12. Line 10 minus Line 11.......................................................................................................................
12
.
13. Enter the credit apportionment percentage from Schedule 250 or Schedule 150 ............................
13
%
14. Multiply Line 12 by Line 13. ..............................................................................................................
14
15. For individuals, calculate the dollar amount of tax over $9,000. Take the amount on Line 14
minus $9,000, multiply by 6%, and add $315 to the amount. (Use tax tables for $9,000
or less.) For corporations, multiply Line 14 by .0625 (6.25%). This is the maximum amount
of credit allowed under Option 1. Credit amount cannot exceed Line 9. .........................................
15
OPTION 2
16. Enter the amount from Line 3 above. ...............................................................................................
16
17. Enter the amount of the Enterprise Zone Modification (Exemption) from Line 6. If
claiming a Business Facility Credit, enter zero (0) for Line 17..........................................................
17
18. Line 16 minus Line 17.......................................................................................................................
18
19. For individuals, calculate the dollar amount of tax over $9,000. Take the amount
from Line 18 minus $9,000, multiply by 6%, and add $315 to the amount.
(Use tax tables for $9,000 or less.) For corporations, multiply Line 18
by .0625 (6.25%). This is the amount of your tax. ...........................................................................
19
.
20. Enter the percentage amount from Schedule 250 or Schedule 150. ................................................
20
%
21. Take the amount from Line 19; multiply by the percentage provided to you by Department
of Economic Development, Schedule 250 or Schedule 150. This is the maximum amount
of credit allowed under Option 2. Credit amount cannot exceed Line 9. .........................................
21
Report amount from Option 1 or Option 2 on Form MO-TC. See reverse side for instructions.
ATTACH COPY OF K-1 OR SCHEDULE C.
(11-2011)
INSTRUCTIONS ON REVERSE SIDE