The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. The Missouri tax system

Collection:: Economics Books

96 THE FISCAL PROBLEM IN MISSOURI $2,000.! When a husband and wife are living together, only one deduction of $2,000 can be made from their aggregate income. In the case of the head of a family, an additional exemption of $200 is allowed for each dependent child, if under eighteen years of age or if incapable of self-support because of physical or mental defects. A non-resident can claim personal exemptions by filing a return showing total income derived from all sources. Corporations are not granted an exemption. Special Taxes on Business Corporations The general property tax is by far the most important tax paid by business corporations in Missouri, judged from the standpoint of the amounts of taxes paid by these corporations to the state and local governments. Corporations, with the exceptions noted, also pay an income tax and certain taxes that may be be designated as special taxes. The group of special taxes includes (1) organization or initial taxes and entrance fees or taxes, (2) the corporation franchise tax and the annual registration fee, (3) the foreign insurance com- pany tax, and (4) the express company tax. The organization or incorporation tax is based on au- thorized capital stock. Any concern incorporating under the laws of the state is required to pay a tax of $50 if its authorized capital stock is $50,000 or less. If the authorized capital stock is more than $50,000, $5.00 additional is pay- able for each $10,000 or fraction thereof over $50,000.2 If the stock of a concern does not have a specified par value, each share shall be deemed to have a par value of $100.3 Certain incidental fees are required for services rendered in the procedure of incorporation. The entrance fees or taxes on foreign corporations desiring to do business in the state are based on the proportion of capital stock represented by property located and business transacted in Missouri. The rates* are the same as for the initial taxes on domestic corporations, but, in addition to ! Session Laws, 1927, p. 482. ZR. 8. 1919, Section 9735. The $5 per $10,000 rate applies to later additions to the authorized capital stock. Corporations organized for benevolent, religious, educational purposes, and so on, are not required to pay the tax. 3 Session Laws. 1921, p. 664. 4 Session Laws, 1927, pp. 390 f.

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