2024 What's New?

2024 Legislative Session

2024 Corporate Income Tax Year Changes

The following changes are effective for the tax year beginning January 1, 2024, and will be reflected on the 2024 Missouri Corporation Income Tax Return.

Note: Changes are subject to modifications pending special session.

Filing Deadline for 2024

  • The due date for the calendar year 2024 Missouri Corporation Income Tax Return is April 15, 2025.
  • The extension due date for the 2024 Missouri Corporation Income Tax Return is October 15, 2025.
  • The Adoption Tax Credit, Food Pantry Tax Credit, and Champion for Children Tax Credit are all due April 15, 2025.

New Corporate Tax Deductions

  • Broadband Grants Income Tax Subtraction (Section143.121)
    • This provision allows customers to receive a subtraction from their federal adjusted gross income reported on the MO-1120 for 100% of the grant money they received from a federal, state, or local grant program, for the purpose of providing or expanding broadband internet to the areas of the state that are deemed to be lacking. Effective on August 28, 2024, this subtraction may retroactively be claimed for grant money disbursed during tax years beginning on or after January 1, 2022.

Tax Credits

  • Adoption Tax Credit (ATC) (Sections 135.325 – 135.339)
    • Legislative changes removed the fiscal year limitation on the cumulative amount of credits that can be claimed by all taxpayers in a single fiscal year. As a result, this credit is no longer subject to apportionment effective July 1, 2024. If you are claiming an adoption tax credit that was issued for a tax year that began on or before January 1, 2024, you will utilize credit code ATC, which remains non-refundable.
  • Entertainment Industry Jobs Tax Credit Program (EJI) (Section 135.753)
    • This provision creates a new tax credit program called the Entertainment Industry Jobs Act to be administered by the Missouri Department of Economic Development. Starting January 1, 2024, any taxpayer may qualify for a tax credit for rehearsal expenses and tour expenses incurred by the taxpayer if they meet the minimum expenditure dollar amounts.

Other

  • Salt Parity Act
    • This provision allows any member of an affected business entity the option to opt-out and not have tax imposed under the Salt Parity Act (Section 143.436, RSMo.). The provision removes the federal qualified business income tax deduction and replaces it with the Missouri business income deduction (Section 143.022 RSMo.).
    • FAQs: https://dor.mo.gov/faq/taxation/business/entity-tax.html
    • Forms and instructions: https://dor.mo.gov/forms/