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SB 1212 - Current law provides methods for allocating and apportioning the income from corporations with multi-state operations. This act allows financial institutions, as defined in the act, to select an alternate method of allocating and apportioning income. (Section 143.455) The act provides for the calculation of a receipts factor, which shall be a fraction, the numerator of which is the receipts of the taxpayer in this state during the tax year, and the denominator of which shall be the receipts of the taxpayer both within and without this state. The act provides methods for determining what receipts shall be included in the numerator from the lease of real property; the lease of tangible personal property; the lease or rental of transportation property; interest, fees, and penalties in connection with loans secured by real property; interest, fees, and penalties in connection with loans not secured by real property; net gains from the sale of loans; fees, interest, and penalties charged to card holders; card issuer's reimbursement fees; merchant discounts; ATM fees; loan servicing fees; and investment and trading assets and activities. (Section 143.456) JOSH NORBERG
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