PURPOSE: This rule clarifies that banks are not entitled credit against the bank tax for sales and use taxes paid on purchases of tangible personal property.

1. (1) Amounts paid by banks as purchasers to vendors pursuant to section 144.060, RSMo are not creditable against the bank tax imposed under section 148.030, RSMo.
2. (2) Amounts paid by banks as purchasers pursuant to section 144.610, RSMo are not creditable against the bank tax imposed under section 148.030, RSMo.
3. (3) This rule shall become effective and apply to tax years beginning on or after January 1, 1984.

AUTHORITY: section 148.100, RSMo 1986.* Original rule filed March 11, 1983, effective Aug. 11, 1983. *Original authority: 148.100, RSMo 1945.