Over
$5 Billion
Invested Downtown
St. Louis St. Louis

Greater St. Louis Taxes At a Glance


 
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.
Source: "2013 State Tax Handbook" CCH, 2012.
 

 
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