| TAX |
MISSOURI |
ILLINOIS |
CORPORATE
INCOME TAX |
6.25% of Missouri taxable income, with
adjustments including deductibility of 50%
of federal income tax. |
7.3%, which includes 4.8% state income tax and 2.5% (1.5% for S-Corps, partnerships and trusts) personal property replacement tax.
|
TAXABLE
INCOME |
Base of Federal taxable income adjusted
for Missouri modifications. Three-factor or
sales only, whichever results in lower taxes. |
Base of Federal taxable income adjusted for Illinois modifications. Apportionment of income by in state sales only. |
FRANCHISE
TAX |
0.033% of par value of outstanding shares and surplus or total assets in excess of $1,000,000. |
Initial franchise tax of 0.15% of paid-in capital, thereafter annual franchise tax of 0.1% of paid-in capital, maximum of $2 million. |
PROPERTY
TAX |
Residential property assessed at 19% of true
or fair market value; commercial and industrial
property assessed at 32%; personal property
at 33-1/3%. Business inventories are not taxed |
Real property is assessed at 33-1/3% of market value. Personal property is not taxed. Business inventories are not taxed.
|
SALES & USE
TAX |
4.225% of purchase price of tangible personal property and enumerated services. Local sales taxes also apply and vary by jurisdiction. |
6.25% of purchase price of tangible personal property and selected services. 1% tax on
qualifying food, drugs, and medical appliances. Local sales taxes also apply and vary by
jurisdiction. |
PERSONAL
INCOME TAX |
$315 plus 6% of federal adjusted gross income over $9,000. |
3% of federal adjusted gross income with modifications. |
LOCAL
INCOME TAX |
St. Louis City residents and workers pay a 1% earnings tax. St. Louis City employers pay a payroll tax of 0.5%. |
No local earnings taxes. |
