My business activity in Missouri is protected under Public Law 86-272. Why do I have to file a franchise tax return and/or pay franchise tax?
Public Law 86-272 provides protection for a corporation for income tax and restricts a state from imposing an income tax. Public Law 86-272 does not apply to franchise tax. Missouri franchise tax is based on assets and is not covered under Public Law 86-272. Section 147.010(1)RSMo, outlines the franchise tax obligations. Missouri CSR 10-9.200, sets out the policy regarding the franchise tax report. If a business is incorporated, qualified, or otherwise engaged in business, it must file a return and pay any tax due.
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