Effective - 28 Aug 1996
148.350. Returns, assessment of tax, procedure — notice to company — taxes, how paid — suspension of delinquents — disposition of money. — 1. Every such company or association shall, on or before the first day of March in each year, make a return, verified by the affidavit of its president and secretary or other authorized officers, to the director of the department of commerce and insurance stating the amount of all premiums received on account of policies issued in this state by such company, whether in cash or in notes, during the year ending on the thirty-first day of December, next preceding. Upon receipt of such returns, the director of the department of commerce and insurance shall verify the same and certify the amount of tax due from the various companies on the basis and at the rate provided in section 148.340, and shall certify the same to the director of revenue together with the amount of the quarterly installments to be made as provided in subsection 2 of this section, on or before the thirtieth day of April of each year.
2. Beginning January 1, 1983, the amount of the tax due for that calendar year and each succeeding calendar year thereafter shall be paid in four approximately equal estimated quarterly installments and a fifth reconciling installment. The first four installments shall be based upon the tax assessed for the immediately preceding taxable year ending on the thirty-first day of December, next preceding. The quarterly installment shall be made on the first day of March, the first day of June, the first day of September, and the first day of December. Immediately after receiving from the director of the department of commerce and insurance, certification of the amount of tax due from the various companies, the director of revenue shall notify and assess each company the amount of taxes on its premiums for the calendar year ending on the thirty-first day of December, next preceding. The director of revenue shall also notify and assess each company the amount of the estimated quarterly installments to be made for the calendar year. If the amount of the actual tax due for any year exceeds the total of the installments made for such year, the balance of the tax due shall be paid on the first day of June of the following year, together with the regular quarterly installment due at that time. If the total amount of the tax actually due is less than the total amount of the installments actually paid, the amount by which the amount paid exceeds the amount due shall be credited against the tax for the following year and deducted from the quarterly installment otherwise due on the first day of June. If the March first quarterly installment made by a company is less than the amount assessed by the director of revenue, the difference will be due on June first, but no interest will accrue to the state on the difference unless the amount paid by the company is less than eighty percent of one-fourth of the total amount of tax assessed by the director of revenue for the immediately preceding taxable year. If the estimated quarterly tax installments are not so paid, the director of revenue shall certify such fact to the director of the department of commerce and insurance who shall thereafter suspend such delinquent company or companies from the further transaction of business in this state until such taxes shall be paid, and such companies shall be subject to the provisions of sections 148.410 to 148.461.
3. Upon receiving such money from the director of revenue, the state treasurer shall receipt one-half thereof into the general revenue fund of the state, and he shall place the remainder of such tax to the credit of a fund to be known as "The County Foreign Insurance Tax Fund", which is hereby created and established. All premium tax credits described in sections 135.500 to 135.529 shall only reduce the amount of moneys received by the general revenue fund of this state and shall not reduce any moneys received by the county foreign insurance tax fund.
--------
(RSMo 1939 § 6095, A.L. 1945 p. 1024, A.L. 1982 S.B. 470, A.L. 1996 H.B. 1237)
Prior revisions: 1929 § 5980; 1919 § 6388; 1909 § 7100
Structure Missouri Revised Statutes
Title X - Taxation and Revenue
Chapter 148 - Taxation of Financial Institutions
Section 148.010 - Title of law.
Section 148.020 - Definitions.
Section 148.030 - Banks subject to tax based on income — rate — credits.
Section 148.031 - Substitute bank franchise tax.
Section 148.040 - Definitions and computation of net and gross income.
Section 148.045 - Computation of deduction, taxpayer files consolidated return.
Section 148.050 - Returns, when filed.
Section 148.062 - Franchise tax, administered how.
Section 148.068 - Tax assessed, when, supplemental assessment.
Section 148.070 - Notice of deficiency, time limitations.
Section 148.072 - Interest, additions to tax, penalties, due when.
Section 148.074 - Overpayment of tax, director may credit against other tax liability, when.
Section 148.076 - Claims for refund, filed when, how — amount, limitations.
Section 148.080 - Taxes returned to counties — two percent to state — director to allocate.
Section 148.085 - Recording and depositing of tax receipts, how.
Section 148.090 - New banks, when taxed — tax, when due.
Section 148.100 - Director to prescribe and publish rules and regulations — access to records.
Section 148.110 - Tax in lieu of other taxes.
Section 148.112 - Distribution of franchise tax credit for bank S corporation shareholders.
Section 148.120 - Title of law.
Section 148.130 - Definition of terms.
Section 148.140 - Credit institutions subject to annual tax — rate — credits.
Section 148.150 - Net income and gross income defined — how computed.
Section 148.160 - Returns, when filed — extension of time — interest.
Section 148.170 - Taxpayer with more than one office, returns of.
Section 148.180 - Tax due, when — credit for overpayment — penalty for nonpayment.
Section 148.190 - Notice to taxpayer of increase of tax — review of director's determination.
Section 148.200 - Director to prescribe necessary rules and regulations — access to records.
Section 148.210 - Credit institution subject to tax for year in which franchise is received.
Section 148.230 - Tax in lieu of certain other taxes.
Section 148.310 - Real and tangible personal property to be assessed and taxed under general laws.
Section 148.320 - Tax on premiums of domestic stock companies — rate — credits.
Section 148.340 - Tax on premiums of foreign companies.
Section 148.360 - County foreign insurance tax money distributed to school districts.
Section 148.370 - Insurance companies, tax on premiums — rate — credit.
Section 148.375 - Delinquent taxes, interest, rate.
Section 148.390 - Deductions allowed on premium receipts.
Section 148.400 - Deductions allowed insurance companies.
Section 148.410 - Director to assess tax where no return made.
Section 148.430 - Director of revenue may sue for taxes when company withdraws or is suspended.
Section 148.440 - Occupation tax in certain cities.
Section 148.450 - Notices, how given.
Section 148.460 - Penalties for violations by agents.
Section 148.540 - Association and members, levy and collection — exclusiveness of tax.
Section 148.541 - Delinquent taxes, interest.
Section 148.610 - Definitions.
Section 148.620 - Annual tax on net income, rate — credits allowed, exceptions.
Section 148.655 - Tax credit allowed for S corporation shareholders of associations, amount.
Section 148.657 - Tax credit allowed for S corporation shareholders of credit institutions, amount.
Section 148.680 - Hearing procedure on disputed amount — appeal.
Section 148.690 - First taxable year, when, how computed.