Chapter 148, RSMo: Financial Institutions Tax is levied on banks and trust companies, credit institutions, savings and loan associations, and credit unions. Chapter 148 of state law authorizes each tax, and each tax rate is 4.48 percent of net income as of 2020. All prior years are at a 7 percent tax rate. Banks and trust companies are also subject to a tax on assets computed the same, but instead of, the corporate franchise tax (Section 147.010). Farmers’ Cooperative Credit Association members are subject to a tax of 2 percent on the taxable portion of dividends paid. The due date is always April 15th, although extensions may be requested for up to 180 days.