The due date for calendar year filers for the 2015 Missouri Corporation Income Tax Return is April 18, 2016.
Corporation Income Tax Forms Changes
With the completion of the phase out of corporation franchise tax, all fields and corresponding schedules and forms relating to corporation franchise tax have been removed from the 2015 tax forms.
New Jobs Deduction Tax Credit Changes
The New Jobs deduction is not available for income tax years ending after December 31, 2014, and expired September 1, 2015. No new claims for the deduction are allowed after September 1, 2015, for any tax year.
Trust Fund Changes
The Breast Cancer Awareness Fund sunset and terminated effective December 31, 2015.
The Innovation Campuses Tax Credit is available for 2015 Corporation Income Tax filers. Visit http://dor.mo.gov/taxcredit/ for more information regarding tax credits.
Optional Single Sales Factor Apportionment Changes
House Bill 128 was passed by the General Assembly in the 2013 Regular Session, and it was signed into law by Governor Nixon on July 12, 2013. House Bill 128 provides that an eligible corporation may elect to use the optional single sales factor apportionment method to compute its Missouri corporate taxable income from sources in this state on its original income tax return. The election to use this apportionment method is available for any original income tax return that is filed on or after August 28, 2013, regardless of the taxable year for which the original income tax return is being filed as authorized by Section 143.451.2(3), RSMo.
This election is not available for any corporation income tax return that was filed on or before August 27, 2013. It is also not available for amended returns filed after the due date or extended due date of the return.
For original returns filed on or after August 28, 2013 and before August 28, 2015, Method 2A only applies to taxpayers selling tangible property. Senate Bill 19, passed by the General Assembly in the 2015 Regular Session and signed into law by Governor Nixon on May 6, 2015, provides that Method 2A is also available to taxpayers with sales other than tangible property for returns filed on or after August 28, 2015 that meet all other requirements.