Missouri: Corporate rate reduction | KPMG | US
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Missouri: Corporate rate reduction, mandatory single-sales factor apportionment, market-based sourcing

Missouri: Corporate rate reduction

The governor (hours before resigning) on June 1, 2018, signed almost 80 bills into law.

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Among the enacted legislation is Senate Bill 884 that adopts corporate tax changes that, generally, will be effective for tax years beginning in 2020. Among these tax legislative changes are the following:

  • A corporate tax rate reduction from 6.25% to 4%
  • Mandatory single-sales factor apportionment
  • Market-based sourcing rules

Also, for returns filed on or after August 28, 2018, Missouri eliminates all transactions between affiliated group members electing to file a Missouri consolidated return.

 

Read a June 2018 report [PDF 58 KB] prepared by KPMG LLP

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