Bank Franchise Tax Credit (BFT)
- Permits corporations to claim a bank franchise tax credit if the bank is unable to use the credit on its Bank Franchise Tax Return (Form INT-2).
- For tax returns filed on or after January 1, 2001, including returns based on income in the year 2000 and after, a banking institution shall be entitled to an annual tax credit equal to one-sixtieth of one percent of its outstanding shares and surplus employed in this state if the outstanding shares and surplus exceed one million dollars.
Eligible Use of Tax Credit
- This credit is nonrefundable and cannot be carried forward or carried back.
Procedures to Claim the Credit
- This tax credit shall be taken as a dollar-for-dollar credit against the bank tax provided for in Subdivision (2) of Subsection 2 of Section 148.030; if such bank tax was already reduced to zero by other credits, then against the corporate income tax provided for in Chapter 143, RSMo.
- Attach a copy of your completed Form INT-2, INT-2-1, and MO-TC to your corporate income tax return.
Contact Missouri Department of Revenue, Taxation Division: