Missouri Revised Statutes













Chapter 148

Taxation of Financial Institutions

←148.376

Section 148.380.1

148.390→

August 28, 2015

Returns, assessment of tax, procedure--notice to company--taxes, how paid--suspension of delinquents--disposition of money.

148.380. 1. Every such company, on or before the first day of March in

each year, shall make a return verified by the affidavit of its president and

secretary, or other chief officers, to the director of the department of

insurance, financial institutions and professional registration, stating the

amount of all direct premiums received by it from policyholders in this

state, 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 insurance, financial institutions and professional

registration shall verify the same and certify the amount of the tax due from

the various companies on the basis and* at the rate provided in section

148.370, taking into consideration deductions and credits allowed by law, 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 for the immediately** preceding taxable year ending on the thirty-first

day of December, next preceding. The quarterly installments 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 certification from the

director of the department of insurance, financial institutions and

professional registration 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 year following,

together with the regular quarterly payment 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.



3. If the estimated quarterly tax installments are not so paid, the

director of revenue shall notify the director of the department of insurance,

financial institutions and professional registration who shall thereupon

suspend such delinquent company 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.



4. Upon receipt of the money the state treasurer shall receipt one-half

thereof into the general revenue fund of the state, and one-half thereof to

the credit of the county foreign insurance fund for the purposes set forth in

section 148.360.



(L. 1945 p. 993 § 6098b, A.L. 1945 p. 1013, A. 1949 S.B.

1031, A.L. 1982 S.B. 470)



*Word "and" does not appear in original rolls.



**Word "immediate" appears in original rolls.







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