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Missouri online Form 944 (PR): What You Should Know
Missouri offers tax incentives that help companies locate and grow in the state. One of those incentives is the Missouri Business Credit program. The Business Credit program provides up to a 20% cash tax credit on certain business expenses. With the Business Credit program, you may be able to reduce your business's operating cost by an additional four percent. This credit is limited to the qualified expenses of your business (revenue from services minus expenses) during the tax year for which you are filing the Missouri state tax return. For example, a business owner must have a gross receipts tax liability of 100,000 and expenses of 80,000 and their business gross receipts tax liability is calculated and is taxed at a 25% rate. Thus, the qualified expenses of 10,000 are reduced to 55,000 and the 10% credit is applied to the reduced gross receipts of 10,000. The business owner would be eligible for a 30% credit. The Missouri Business Credit program has been created in response to the state tax structure, regulatory structure, and business environment being the highest in the nation for taxation. The program is intended to enable Missouri businesses to better compete for business and investment opportunities. The program may be available to business that: is domiciled in Missouri; has a Missouri registered agent in Kansas City, Missouri; is incorporated in Missouri; has a gross receipts tax liability of 100,000 and has spent, during the preceding tax year, 500 on qualified expenses. The qualified expenses must be deducted on the Missouri business tax return. These qualified expenses may include business insurance or employee benefit plans, as well as travel, office supplies and other items. Missouri tax return filers must file the Missouri business tax return and any supporting schedule with the Missouri Department of Revenue within ten (10) days of the end of the business day that includes the first day of the qualified expense activity. An electronic payment form is required. For more information, please call the Division of Revenue's Business Credit Service at. Business owners may file the Missouri business tax return electronically at the following website: .
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