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| Home > Statutes > Usa Missouri |
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USA Statutes : missouri
Title : TAXATION AND REVENUE
Chapter : Chapter 147 Corporation Franchise Tax
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1. For the transitional year defined in subsection 4 of this
section and each taxable year beginning on or after January 1, 1980, but
before January 1, 2000, every corporation organized pursuant to or
subject to chapter 351, RSMo, or pursuant to any other law of this state
shall, in addition to all other fees and taxes now required or paid, pay
an annual franchise tax to the state of Missouri equal to one-twentieth
of one percent of the par value of its outstanding shares and surplus if
its outstanding shares and surplus exceed two hundred thousand dollars,
or if the outstanding shares of such corporation or any part thereof
consist of shares without par value, then, in that event, for the purpose
contained in this section, such shares shall be considered as having a
value of five dollars per share unless the actual value of such shares
exceeds five dollars per share, in which case the tax shall be levied and
collected on the actual value and the surplus if the actual value and the
surplus exceed two hundred thousand dollars. If such corporation employs
a part of its outstanding shares in business in another state or country,
then such corporation shall pay an annual franchise tax equal to
one-twentieth of one percent of its outstanding shares and surplus
employed in this state if its outstanding shares and surplus employed in
this state two hundred thousand dollars, and for the purposes of sections
147.010 to 147.120, such corporation shall be deemed to have employed in
this state that proportion of its entire outstanding shares and surplus
that its property and assets employed in this state bears to all its
property and assets wherever located. A foreign corporation engaged in
business in this state, whether pursuant to a certificate of authority
issued pursuant to chapter 351, RSMo, or not, shall be subject to this
section. Any corporation whose outstanding shares and surplus as
calculated in this subsection does not exceed two hundred thousand
dollars shall state that fact on the annual report form prescribed by the
secretary of state. For all taxable years beginning on or after January
1, 2000, the annual franchise tax shall be equal to one-thirtieth of one
percent of the corporation's outstanding shares and surplus if the
outstanding shares and surplus exceed one million dollars. Any
corporation whose outstanding shares and surplus do* not exceed one
million dollars shall state that fact on the annual report form
prescribed by the director of revenue.
2. Sections 147.010 to 147.120 shall not apply to corporations not
organized for profit, nor to corporations organized pursuant to the
provisions of chapter 349, RSMo, nor to express companies, which now pay
an annual tax on their gross receipts in this state, nor to insurance
companies, which pay an annual tax on their premium receipts in this
state, nor to state, district, county, town and farmers' mutual companies
now organized or that may be hereafter organized pursuant to any of the
laws of this state, organized for the sole purpose of writing fire,
lightning, windstorm, tornado, cyclone, hail and plate glass and mutual
automobile insurance and for the purpose of paying any loss incurred by
any member by assessment, nor to any mutual insurance corporation not
having shares, nor to a company or association organized to transact
business of life or accident insurance on the assessment plan for the
purpose of mutual protection and benefit to its members and the payment
of stipulated sums of moneys to the family, heirs, executors,
administrators or assigns of the deceased member, nor to foreign life,
fire, accident, surety, liability, steam boiler, tornado, health, or
other kind of insurance company of whatever nature coming within the
provisions of section 147.050 and doing business in this state, nor to
savings and loan associations and domestic and foreign regulated
investment companies as defined by Section 170 of the Act of Congress
commonly known as the "Revenue Act of 1942", nor to electric and
telephone corporations organized pursuant to chapter 351, RSMo, and
chapter 392, RSMo, prior to January 1, 1980, which have been declared tax
exempt organizations pursuant to Section 501(c) of the Internal Revenue
Code of 1986, nor for taxable years beginning after December 31, 1986, to
banking institutions subject to the annual franchise tax imposed by
sections 148.010 to 148.110, RSMo; but bank deposits shall be considered
as funds of the individual depositor left for safekeeping and shall not
be considered in computing the amount of tax collectible pursuant to the
provisions of sections 147.010 to 147.120.
3. A corporation's "taxable year" for purposes of sections 147.010 to
147.120** shall be its taxable year as provided in section 143.271, RSMo.
4. A corporation's "transitional year" for the purposes of sections
147.010 to 147.120** shall be its taxable year which includes parts of
each of the years 1979 and 1980.
5. The franchise tax payable for a corporation's transitional year shall
be computed by multiplying the amount otherwise due for that year by a
fraction, the numerator of which is the number of months between January
1, 1980, and the end of the taxable year and the denominator of which is
twelve. The franchise tax payable, if a corporation's taxable year is
changed as provided in section 143.271, RSMo, shall be similarly computed
pursuant to regulations prescribed by the director of revenue.
6. All franchise reports and franchise taxes shall be returned to the
director of revenue. All checks and drafts remitted for payment of
franchise taxes shall be made payable to the director of revenue.
7. Pursuant to section 32.057, RSMo, the director of revenue shall
maintain the confidentiality of all franchise tax reports returned to the
director.
8. The director of the department of revenue shall honor all existing
agreements between taxpayers and the director of the department of
revenue. (RSMo 1939 § 5113, A.L. 1943 p. 410 § 135, A.L. 1969 4th Ex.
Sess. S.B. 3, A.L. 1979 H.B. 773, A.L. 1981 H.B. 767, A.L. 1986 H.B.
1195, A.L. 1987 H.B. 349, A.L. 1988 H.B. 1232, A.L. 1999 H.B. 516)
Prior revisions: 1929 § 4641; 1919 § 9836
Effective 1-1-00
*Word "does" appears in original rolls.
**Original rolls contain "147.020", an apparent typographical error.
(1988) In computing a corporation's surplus for purposes of the franchise
tax, its investments in and advancements to subsidiaries should be
excluded from its assets. Boatmen's Bancshares v. Director of Revenue,
757 S.W.2d 574 (Mo. en banc.)
1. For each taxable year beginning on or after January 1, 1980,
every corporation liable for* the tax prescribed in section 147.010 shall
make a report in writing showing the financial condition of the
corporation at the beginning of business on the first day of its taxable
year to the director of revenue annually on or before the due date of the
corporation's state income tax return pursuant to chapter 143, RSMo, in
such form as the director of revenue may prescribe. The report shall be
signed by an officer of the corporation.
2. For each taxable year beginning on or after January 1, 1980, if a
corporation obtains an extension of time for filing its annual Missouri
income tax return pursuant to section 143.551, RSMo, such corporation
shall also be granted a corresponding extension of time for filing the
report required pursuant to sections 147.010 to 147.120 for its taxable
year immediately succeeding the taxable year for which the income tax
extension is granted.
3. Every corporation having a transitional year liable for the tax
prescribed in section 147.010 shall make a report in writing, showing the
financial condition of the corporation at the beginning of business on
the first day of its transitional year, on or before April 15, 1980, in
such form as the director may prescribe. The report shall be signed by an
officer of the corporation. (RSMo 1939 § 5114, A.L. 1943 p. 410 § 136,
A.L. 1945 p. 711, A.L. 1947 V. II p. 221, A.L. 1969 p. 257, A.L. 1979
H.B. 773, A.L. 1987 H.B. 349, A.L. 1999 H.B. 516)
Prior revisions: 1929 § 4642; 1919 § 9837
Effective 1-1-00
*Word "to" appears in original rolls.
1. For each taxable year beginning on or after January 1, 1980,
the franchise tax provided for in this chapter shall be paid on or before
the due date of the corporation's state income tax return pursuant to
chapter 143, RSMo.
2. For each taxable year beginning on or after January 1, 1980, if a
corporation shall obtain an extension of time for paying its annual
Missouri income tax pursuant to section 143.551, RSMo, such corporation
will also be granted a corresponding extension of time for paying the
franchise tax due pursuant to this chapter for its taxable year
immediately succeeding the taxable year for which the income tax
extension is granted.
3. If the time for filing the franchise tax report is extended pursuant
to section 147.020, but the time for payment of the franchise tax is not
extended pursuant to this section, the corporation shall pay, on or
before the due date of such corporation's state income tax return
pursuant to chapter 143, RSMo, the amount properly estimated as its
franchise tax for the taxable year.
4. Every corporation having a transitional year shall pay the franchise
tax provided for in this chapter on or before the fifteenth day of April,
1980. (RSMo 1939 § 5115, A.L. 1943 p. 410 § 137, A.L. 1945 p. 711, A.L.
1969 p. 257, A.L. 1979 H.B. 773, A.L. 1999 H.B. 516)
Prior revisions: 1929 § 4643; 1919 § 9838
Effective 1-1-00
1. As soon as practical after a corporation's franchise tax
report is filed, the director of revenue shall examine it to determine
the correct amount of tax based upon the facts contained in the report or
upon any information within the director's possession or that may come
into the director's possession.
2. In the event that the amount of tax is understated on a corporation's
franchise tax report, the director of revenue shall notify the
corporation that an amount of tax in excess of that shown on the return
is due and has been assessed. Such assessment shall be final unless the
corporation files a protest with the director of revenue, setting forth
the grounds on which the protest is based, within sixty days from the
date the notice of assessment was mailed to the corporation.
3. If a protest is filed, the director of revenue shall reconsider the
assessment, and, if the corporation has so requested, shall grant the
corporation a hearing within ninety days after the protest is filed
unless extended by agreement between the corporation and the director of
revenue.
4. Notice of the director of revenue's determination shall be mailed to
the corporation by certified or registered mail and such notice shall set
forth briefly the director of revenue's findings of fact and the basis of
decision in each case decided in whole or in part adversely to the
corporation.
5. The action of the director of revenue on the corporation's protest is
final upon the expiration of thirty days from the date when the director
mails notice of the director's action to the corporation unless within
this period the corporation seeks review of the director of revenue's
determination by the administrative hearing commission.
6. In the event that the amount of tax is overstated on a corporation's
franchise tax report, the director of revenue shall notify the
corporation that the tax paid is more than the correct amount and credit
such overpayment against any tax, interest, additions to tax or penalties
due from such corporation and refund the difference.
7. No assessment or refund shall be made unless the amount exceeds ten
dollars.
8. If any corporation subject to the provisions of sections 147.010 to
147.120 fails or neglects to make the report required by sections 147.010
to 147.120 or pay its franchise taxes within ninety days after the time
required by sections 147.010 to 147.120 (determined with regard to any
extension of time for filing its franchise tax report or for the payment
of its franchise tax), such corporation, if organized pursuant to the
laws of this state, shall be administratively dissolved pursuant to the
provisions of sections 351.484 and 351.486, RSMo, or if a foreign
corporation, shall have its certificate of authority revoked pursuant to
the provisions of sections 351.598 and 351.602, RSMo. (RSMo 1939 § 5121,
A.L. 1943 p. 410 § 143, A.L. 1979 H.B. 773, A.L. 1983 1st Ex. Sess. H.B.
10, A.L. 1987 H.B. 349, A.L. 1990 H.B. 1432, A.L. 1991 H.B. 219, A.L.
1999 H.B. 516)
Prior revisions: 1929 § 4649; 1919 § 9844
Effective 1-1-00
1. For each taxable year beginning on or after January 1, 1980,
every corporation organized pursuant to any laws of this state and every
foreign corporation engaged in business in this state and having no
shares shall make a report in writing to the director of revenue,
annually, on or before the fifteenth day of the fourth month of the
corporation's taxable year, in the form as the director of revenue may
prescribe.
2. The report shall be signed by an officer of the corporation, and
forwarded to the director of revenue.
3. Every corporation having a transitional year and coming under the
provisions of this section shall make the report required in this section
on or before the fifteenth day of April, 1980. (RSMo 1939 § 5116, A.L.
1943 p. 410 § 138, A.L. 1945 p. 711, A.L. 1969 p. 257, A.L. 1979 H.B.
773, A.L. 1987 H.B. 349, A.L. 1999 H.B. 516)
Prior revisions: 1929 § 4644; 1919 § 9839
Effective 1-1-00
The taxes and penalties to be paid by the provisions of this
chapter shall be a first lien on all property and assets of the
corporation within this state. (RSMo 1939 § 5119, A.L. 1943 p. 410 § 141)
Prior revisions: 1929 § 4647; 1919 § 9842
If any corporation fails or refuses to make full and complete
answers to the questions contained in the report required to be filed by
it, or if the director of revenue finds that any answer contained in such
report is untrue, or if the director has reason to believe that any
corporation has made a false statement or concealed any facts which are
material in determining the amount of tax for which such corporation is
liable pursuant to the provisions of sections 147.010 to 147.120, then
the director may require the delinquent corporation, its officers,
agents, or employees to furnish information concerning its shares which
is necessary in determining the tax to be paid by it. Any corporation may
seek a review of the determination of the tax due by the administrative
hearing commission. (RSMo 1939 § 5123, A.L. 1943 p. 410 § 145, A.L. 1945
p. 711, A.L. 1949 S.B. 1030, A.L. 1978 S.B. 661, A.L. 1979 H.B. 773, A.L.
1987 H.B. 349, A.L. 1999 H.B. 516)
Prior revisions: 1929 § 4651; 1919 § 9846
Effective 1-1-00
1. If any corporation fails or refuses to pay the taxes
(including interest and penalties) assessed against it after such
assessment becomes final, the director of revenue shall certify a list of
the corporations so delinquent to the attorney general who shall proceed
forthwith to collect the taxes. Suits for the collection of the taxes may
be brought in the name of the state in any court of competent
jurisdiction and any judgment rendered in such court in favor of the
state shall be a first lien on all properties and assets of the
corporation within this state.
2. The director of revenue shall notify the secretary of state of any
corporation that fails or refuses to pay the taxes, including interest
and penalties, assessed against it after such assessment becomes final
and the secretary of state shall then administratively dissolve any
domestic corporation that is delinquent pursuant to section 351.486,
RSMo, and shall revoke the certificate of authority of any foreign
corporation that is delinquent pursuant to section 351.602, RSMo.
3. Any tax provided for pursuant to sections 147.010 to 147.120 not paid
on or before the last day prescribed for payment pursuant to sections
147.010 to 147.120 (determined with regard to any extension of time for
payment) shall be collected with a penalty of five percent per month or
fractional part thereof until paid, not exceeding twenty-five percent in
the aggregate. Interest at the rate determined by section 32.065, RSMo,
shall be added to any tax not paid on or before the date due pursuant to
sections 147.010 to 147.120 (determined without regard to any extension
of time for payment). Nothing in sections 147.010 to 147.120 shall be
construed so as to permit any officer of this state to remit or abate
such interest.
4. If any corporation fails to pay any tax due within the time prescribed
pursuant to sections 147.010 to 147.120 or if any corporation makes
errors and omissions in reports or payments, and the director of revenue
determines that such action is the result of mistake or is due to
circumstances beyond reasonable control and that such delinquency or
inaccuracy was unavoidable or devoid of any intent to evade the tax, the
director of revenue may, at the director's discretion, waive any penalty
that would otherwise be imposed.
5. The director of revenue shall set the interest rate as determined in
section 32.065, RSMo. Such interest rate shall be paid on all
overpayments for the ensuing calendar year. The interest shall accrue
from the due date or the date of overpayment, whichever is later. No
interest shall be allowed or paid if overpayment is refunded within four
months after the franchise tax report is filed.
6. Any notice of assessment of franchise tax due shall be mailed to the
corporation within three years after the report was filed. The provisions
of this subsection shall apply to all reports filed after December 31,
1981.
7. If no report is filed or if a false and fraudulent report is filed, a
notice of assessment of franchise tax due may be mailed to the
corporation at any time.
8. If fraud or evasion on the part of a corporation or anyone on behalf
of a corporation is discovered, the director of revenue shall determine
the amount of which the state has been defrauded, shall add to the amount
so determined a penalty equal to fifty percent thereof, and shall assess
the same against the corporation. The amount so assessed shall be
immediately due and payable; except that, the director of revenue shall
promptly thereafter give to such corporation written notice of such
assessment and penalty, which notice shall be served by registered mail.
Such corporation shall have the right to petition for hearing of such
assessment, as is provided in sections 147.010 to 147.120.
9. Any person who willfully makes a false corporation franchise tax
report, or who willfully makes a false statement in any report under oath
or otherwise filed with or transmitted to the director of revenue
relating to the amount of any franchise tax due pursuant to sections
147.010 to 147.120 shall, in addition to other penalties provided by law
and upon conviction thereof, be fined not more than ten thousand dollars,
or be imprisoned in the county jail for not more than one year or by not
less than two nor more than five years in the state penitentiary or by
both fine and imprisonment together with the cost of prosecution.
10. The director of revenue shall administer and enforce the tax imposed
by sections 147.010 to 147.120, and the director is authorized to make
such rules and regulations and to require such facts and information to
be reported as the director may deem necessary to enforce the provisions
of sections 147.010 to 147.120.
11. No rule or portion of a rule promulgated pursuant to the authority of
sections 147.010 to 147.120 shall become effective unless it has been
promulgated pursuant to the provisions of chapter 536, RSMo.
12. Except as otherwise specifically provided in sections* 147.010 to
147.120 the franchise tax shall be administered as prescribed in the
following provisions of chapter 143, RSMo: subsections 1 and 4 of section
143.551, RSMo, sections 143.561, 143.571, 143.621, 143.631, 143.641,
143.651, 143.661, 143.681, 143.691, 143.721 and 143.731, RSMo, subsection
1 of section 143.741, RSMo, subsections 1, 2 and 5 of section 143.751,
RSMo, sections 143.771 and 143.791, RSMo, subsections 1, 2 and 4 of
section 143.811, RSMo, sections 143.831, 143.841 and 143.851, RSMo,
subsections 2 and 3 of section 143.861, RSMo, and sections 143.901,
143.902, 143.971 and 143.986, RSMo. (RSMo 1939 § 5120, A.L. 1943 p. 410 §
142, A.L. 1945 p. 711, A.L. 1969 p. 257, A.L. 1979 H.B. 773, A.L. 1982
H.B. 1351, et al., A.L. 1983 1st Ex. Sess. H.B. 10, A.L. 1987 H.B. 349,
A.L. 1992 S.B. 716, A.L. 1995 S.B. 3, A.L. 1999 H.B. 516)
Prior revisions: 1929 § 4648; 1919 § 9843
Effective 1-1-00
*Word "section" appears in original rolls.
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