MO-BTC: Bank Tax Credit for S Corporation Shareholders (2024)
Missouri · Missouri DOR · Used for tax years 2024
Missouri Form MO-BTC calculates the Bank Tax Credit for shareholders of S corporations that are banks or bank holding companies, savings and loan associations, or credit institutions. It reports the corporation’s financial institution tax, the shareholder’s ownership percentage,
Who files this form
Form MO-BTC is for shareholders of S corporations that are banks or bank holding companies, savings & loan associations, or credit institutions who claim the Bank Tax Credit.
The credit equals the shareholder’s pro rata share of the financial institution tax paid by the S corporation. Attach the completed form to your Missouri Income Tax Return.
What you'll need
Include these with your Missouri Income Tax Return:
- Your completed Form MO-BTC.
- Form MO-TC.
- Copies of Federal Schedule K-1.
- A copy of the applicable Missouri Bank Franchise Tax Return, Savings & Loan Association Tax Return, or Credit Institutions Tax Return.
To complete MO-BTC, have the shareholder’s and corporation’s identifying information and addresses, the reporting period, your ownership percentage, and the applicable tax amount available.
How to file
- Complete the reporting period and shareholder and corporation information.
- On Line 1, enter the applicable tax amount: Form INT-2, Line 21 minus Line 22; Form INT-3, Line 21; or Form 2823, Line 23.
- Enter your ownership percentage on Line 2.
- Multiply Line 1 by Line 2 to calculate the credit on Line 3. Enter that credit on Form MO-TC.
- Sign, print your name, and date the form.
- Attach MO-BTC to your Missouri Income Tax Return. Include Form MO-TC, copies of Federal Schedule K-1, and a copy of the applicable financial institution tax return.
The form lists this mailing address:
Taxation Division
P.O. Box 27
Jefferson City, MO 65105-0027
Common mistakes
- Applying the credit to the wrong spouse’s tax liability. On a joint Missouri Individual Income Tax Return, the credit applies only against the tax liability of the taxpayer listed as an S corporation shareholder.
- Leaving out required attachments. Attach the completed MO-BTC to your Missouri Income Tax Return, along with Form MO-TC, copies of Federal Schedule K-1, and a copy of the applicable financial institution tax return.
- Providing protected membership or donor information unnecessarily. The form says you are not required to provide information protected by Section 105.1500, RSMo, identifying people as members, supporters, volunteers, or donors of a federally tax-exempt Section 501(c) entity.
Questions people ask
How is my Bank Tax Credit calculated?
Multiply the applicable financial institution tax amount on Line 1 by your ownership percentage on Line 2. Enter the result on Line 3 and on Form MO-TC.
What happens if the credit is more than my Missouri income tax liability?
The remaining credit may be carried forward for 5 years.
Can the credit offset either spouse’s tax on a joint return?
No. The credit applies only against the tax liability of the taxpayer listed as a shareholder of the S corporation.
Where can I get more information?
Visit dor.mo.gov/tax-credits/btc.html, email taxcredit@dor.mo.gov, or call (573) 751-3220.