4354: Worksheet for Calculating Business Facility Credit, Enterprise Zone Modifications and Enterprise Zone Credit (Revision 2014-12)

Who files this form

Form 4354 is a worksheet for calculating the Business Facility Credit, Enterprise Zone Modification (Exemption), and Enterprise Zone Credit. It includes calculations for individuals and corporations.

The form does not state who is required to file it.

What you'll need

• Federal Schedule K-1 or Federal Form 1040, Schedule C: Use these for the income calculation. The form says to attach a copy of your K-1 or Schedule C.
• Schedule 250 or Schedule 150: These provide the available credit and percentages used in the calculations. The Enterprise Zone income percentage on Line 4 comes from Schedule 250.
• Ownership information: You need your ownership percentage as of the last day of the taxable period.
• Form MO-TC: Report the amount from Option 1 or Option 2 on this form.

Form 4354 also has fields for your taxable-year beginning and ending dates, Missouri Tax I.D. Number, Federal Employer I.D. Number, and Charter Number.

How to file

Complete the worksheet, then report the amount from Option 1 or Option 2 on Form MO-TC. Attach a copy of your K-1 or Schedule C.

The form lists this mailing contact:

Taxation Division

P.O. Box 3365

Jefferson City, MO 65105-3365

The supplied text does not give e-file instructions or explicitly identify this address as the filing destination.

Common mistakes

• Do not complete Line 2 if using Schedule C. The form says to skip it.
• Follow the Business Facility Credit directions. After Line 3, skip to Line 7. Enter zero on Lines 11 and 17.
• Use the correct ownership date. Line 8 asks for your ownership percentage on the last day of the taxable period.
• Do not exceed the Line 9 credit limit. Lines 15 and 21 each require the smaller of the calculated amount or Line 9.
• For individuals, use tax tables when the amount is $9,000 or less. This reminder appears in both calculation options.
• Remember the reporting and attachment steps. Report the amount from Option 1 or Option 2 on Form MO-TC and attach a copy of your K-1 or Schedule C.

Questions people ask

How do I calculate net income on this worksheet?

Add all income lines from Federal Schedule K-1, or use Federal Form 1040, Schedule C, Line 31, for Line 1. Line 3 is Line 1 minus Line 2. If using Schedule C, skip Line 2.

How is the Enterprise Zone Modification calculated?

Multiply Line 3 by the Enterprise Zone Facility income percentage from Schedule 250 to get Line 5. Then multiply Line 5 by 50% to get Line 6.

How do I calculate the maximum credit available?

Enter the credit available from Schedule 250 or Schedule 150 on Line 7. Multiply it by your ownership percentage as of the last day of the taxable period on Line 8. The result goes on Line 9.

Where do I report the worksheet result?

Report the amount from Option 1 or Option 2 on Form MO-TC. Attach a copy of your K-1 or Schedule C.

Official sources

• https://dor.mo.gov/forms/4354.pdf