MO HB536

Allows limited liability companies and limited liability partnerships that are financial institutions to claim an annual tax credit for franchise tax liability, effective for tax returns filed on or after January 1, 2012.

The tax credit equals one-sixtieth of one percent of outstanding shares and surplus employed in Missouri if the outstanding shares and surplus exceed one million dollars.

The credit is taken as a dollar-for-dollar credit against the bank tax under section 148.030(2)(b); if that tax is already reduced to zero by other credits, the credit applies against corporate income tax under chapter 143.

Extends existing banking institution tax credit provisions to limited liability companies and limited liability partnerships, bringing them into parity with traditional bank structures.