| Tax |
Missouri |
Illinois |
| Corporate Income Tax |
6.25% of Missouri taxable income (Federal taxable income with state modifications based on an evenly-weighted three-factor formula or an optional one-factor formula), with adjustments including deductibility of 50% of federal income tax. |
9.5% of Illinois taxable income (Federal taxable income with state modifications based on a one-factor in state sales formula) which includes 8% state income tax and 2.5% (1.5% for S-Corps, partnerships and trusts) personal property replacement tax. |
| Personal Income Tax |
$315 plus 6% of federal adjusted gross income over $9,000. |
5% of Illinois taxable income (Federal taxable income with state modifications). |
| Local Income Tax |
St. Louis City residents and workers pay a 1% earnings tax. Businesses pay based on the average allocation of gross receipts, payroll, and property in the City of St. Louis. St. Louis City employers pay a payroll tax of 0.5%. |
No local earnings taxes. |
| Corporate Franchise Tax |
0.02% of par value of outstanding shares and surplus or total assets in excess of $10,000,000. |
Initial franchise tax of 0.15% of paid-in capital, thereafter annual franchise tax of 0.1% of paid-in capital, maximum of $2 million. |
| Property Tax |
Residential property assessed at 19% of true or fair market; commercial and industrial property assessed at 32%; personal property at 33 1/3%. Business inventories are not taxed. Tax rates are the aggregate of local taxing districts and a .03% state tax. |
Real property is assessed at 33 1/3% of market value. Personal property is not taxed. Business inventories are not taxed. Tax rates are the aggregate of local taxing districts. |
| Sales & Use Tax |
4.225% of purchase price of tangible personal property and enumerated services. Local sales taxes also apply and vary by jurisdiction. |
6.25% of purchase price of tangible personal property and selected services. 1% tax on qualifying food, drugs, and medical appliances. Local sales taxes also apply and vary by jurisdiction. |
