Missouri § 148.620 - Annual tax on net income, rate — credits allowed, exceptions.
Full text of Missouri Revised Statutes of Missouri § 148.620 — Annual tax on net income, rate — credits allowed, exceptions., with citation guidance and answers to common questions.
§ 148.620. Annual tax on net income, rate — credits allowed, exceptions.
1. Every taxpayer shall be subject to an annual tax for the privilege of exercising its corporate franchises within the state according to and measured by its net income for the preceding year.
2. The rate of tax for each taxable year shall be seven percent of such net income.
3. The tax imposed on the net income by this law shall be exclusive and in lieu of all other state and local taxes against and upon credit unions and associations, their capital, or income, except taxes on all property, contributions paid pursuant to the unemployment compensation law of Missouri, Social Security taxes, sales and use taxes.
4. Each taxpayer shall be entitled to credits against the tax imposed by this law for all taxes paid to the state of Missouri or any political subdivision thereof during the relevant income period, except taxes on real estate and tangible personal property owned by the taxpayer and held for lease or rental to others, contributions paid pursuant to the unemployment compensation law of Missouri, Social Security taxes, sales and use taxes, and taxes imposed by this law.
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(L. 1982 H.B. 949 & 1350, A.L. 1993 H.B. 105 & 480)
---- end of effective 28 Aug 1993 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 148.620
What does Revised Statutes of Missouri § 148.620 cover?
Section 148.620 ("Annual tax on net income, rate — credits allowed, exceptions.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 148.620?
A common citation format is "Revised Statutes of Missouri § 148.620" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 148.620 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.