Form 4354 - Worksheet For Calculating Business Facility Credit, Enterprise Zone Modification And Enterprise Zone Credit Page 2
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1
2GENERAL INSTRUCTIONS
This worksheet is to be used by individual taxpayers when
Taxpayers authorized to receive an Enterprise Zone tax credit
calculating a New or Expanded Business Facility Credit or
on Schedule 250 should complete Lines 1 through 21. After
Enterprise Zone Income Modification or Enterprise Zone Credit.
completing the worksheet, compare Line 15 to Line 21 and use
The amount calculated from this worksheet will be claimed on
whichever option is greater.
the Missouri Individual Income Tax Return, Form MO-1040. Only
If you have any questions concerning this worksheet, you can
corporations earning this credit through a flow through partnership
obtain assistance by writing the Missouri Department of Revenue,
need to complete this worksheet.
Taxation Division, P.O. Box 3365, Jefferson City, MO 65105-3365,
Taxpayers authorized to receive a New or Expanded Business
or by calling (573) 522-6864. Individuals with speech/hearing
Facility tax credit on Schedule 150 will not complete Lines 4
impairments may call TDD (800) 735-2966 or fax (573) 526-1881.
through 6. These Lines apply to Enterprise Zone credits only.
LINE BY LINE INSTRUCTIONS
Line 1 — Add all of the income lines from your Federal Form K-1
Line 13 — Enter the percentage apportionment of income for tax
or if sole proprietorship, Federal Form 1040, Schedule C, Line 31.
credit calculations from Schedule 250 or Schedule 150 provided to
Enter the amount on Line 1 of the worksheet.
you by the Department of Economic Development.
Line 2 — Enter the amount of deductions from Federal Form
Line 14 — Take the amount from Line 12 and multiply it by the
1120S, Federal Schedule K-1, Part III, Line 11 and Line 12, Codes
amount on Line 13.
A–D, G, H, O, P, or Federal Form 1065, Schedule K-1, Part III, Line
Line 15 — For individuals, calculate the dollar amount of tax over
12 and Line 13, Codes A–D, G, H, Q, and T.
$9,000. Take the amount on Line 14 minus $9,000, multiply by 6
Line 3 — Line 1, minus Line 2 equals the amount of your net
percent, and add $315 back to the amount. Use tax tables if Line
income. If claiming a Business Facility Credit, skip to Line 7.
15 is $9,000 or less. For corporations, multiply Line 14 by .0625
(6.25 percent). This is the maximum amount of credit allowed under
Line 4 — Enter the percentage of income attributed to the Income
Option 1.
Exemption (located on the Schedule 250—provided by the
Department of Economic Development).
Line 16 — Enter the amount from Line 3.
Line 5 — Calculation of the Enterprise Zone Modification
Line 17 — Enter the amount of the Enterprise Zone Modification
(Exemp tion) — Multiply Line 3 (Net Income), by the percentage from
(Exemption) from Line 6. If claiming Business Facility Credit enter
your Schedule 250, Line 4.
zero (0) on Line 17.
Line 6 — One half of the Enterprise Zone Modification is exempt;
Line 18 — Line 16 minus Line 17.
take the amount from Line 5 and multiply by 50 percent. Enter
Line 19 — For individuals, calculate the dollar amount of tax over
this amount on Form MO-1040, Line 22 or Form MO-1120, Line
$9,000. Take the amount from Line 18, minus $9,000, multiply by 6
12. Amount cannot exceed Form MO-1040, Line 21 or Form
percent, and add $315 to the amount. Use the tax tables, if Line 18
MO-1120, Line 9 or 10. This is the amount of your income modifica-
is $9,000 or less. For corporations, multiply Line 18 by .0625 (6.25
tion exemption.
percent). This is the amount of your tax.
If you are filing a married filing combined return, enter the amount
Line 20 — Enter the percentage amount from Schedule 250 or
of exemption calculation and indicate the dollar amount under Y for
Schedule 150.
yourself and/or S for your spouse. Note: The certification issued by
Line 21 — Take the amount from Line 19, multiply by the
the Department of Economic Development must include each name
entitled to a portion of the credit.
per cent age on Line 20. This is the maximum amount of credit
allowed under Option 2.
Line 7 — Enter the total amount of credit available to the taxpayer
(located on the Schedule 250 or Schedule 150).
Compare Line 15 to Line 21 and determine which amount is most
beneficial to you.
Line 8 — Enter your percentage of ownership (partnership, S
OPTION 1 — Enter the amount from Line 15 on Form MO-TC.
corporation, etc.) as of the last day of the taxable year.
Option 1 may be used more than one time.
Line 9 — Multiply Line 7 by Line 8, this amount equals the
OR
maximum amount of credit available to you.
OPTION 2 — Enter the amount from Line 21 on Form MO-TC.
Line 10 — Enter the dollar amount from Line 3.
Option 2 may only be used one time.
Line 11 — Enter the amount of the Enterprise Zone Modification
NOTE: The amount reported on Form MO-TC cannot exceed the
(Exemption) from Line 6. If claiming a Business Facility Credit enter
amount on Line 9.
zero (0) on Line 11.
Line 12 — Line 10 minus Line 11.
(11-2011)
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