PURPOSE: This rule establishes the priority and method in which credits approved under Chapter 32, RSMo can be used.

1. (1) Effective October 1, 1990, any approved neighborhood assistance tax credits under Chapter 32, RSMo, including credits under sections 32.111 and 32.117, RSMo, shall apply in the following order, annually, until used in their entirety:

   1. (A) The annual tax on gross premium receipts of insurance companies in Chapter 148, RSMo;
   2. (B) The tax on banks as determined under section 148.030.2(2), RSMo;
   3. (C) The tax on banks as determined in section 148.030.2(1), RSMo;
   4. (D) The tax on other financial institutions in Chapter 148, RSMo;
   5. (E) The corporation franchise tax in Chapter 147, RSMo;
   6. (F) The state income tax in Chapter 143, RSMo; and
   7. (G) The annual tax on gross receipts of express companies in Chapter 153, RSMo.

AUTHORITY: section 148.100, RSMo 1986.* Original rule filed March 2, 1987, effective Aug. 13, 1987. Amended: Filed Feb. 11, 1991, effective July 8, 1991.

*Original authority: 148.100, RSMo 1945.