Missouri Statute | Act | Code |Taxation And Revenue| US Code - US Statute | Chapter 148 Taxation Of Financial Institutions

Sections 148.010 to 148.110 may be designated as the "Bank Tax
Law of 1946". (L. 1945 p. 1921 § 1)

For the purposes of this law the following terms shall have the
following meanings:

(1) The term "banking institution" means every bank and every trust
company organized under any general or special law of this state and
every national banking association located in this state and any branch
or office physically located in this state of any commercial bank or
trust company;

(2) The term "director" means the director of revenue in charge of the
state department of revenue;

(3) The term "director of finance" means the chief officer of the present
state division of finance, or of such agency of the state of Missouri as
may hereafter have by law the supervisory duties of the present state
division of finance pertaining to banks and trust companies incorporated
under the laws of this state;

(4) The term "income period" means the calendar year or relevant portion
thereof next preceding the taxable year;

(5) The term "lease or rental of tangible personal property" means the
lease or rental of tangible personal property under the exclusive control
of the lessee and neither attached to nor functionally a part of a
taxpayer's building or buildings or any part thereof;

(6) The term "taxable year" means the calendar year in which the tax is
payable;

(7) The term "taxpayer" means any banking institution subject to any tax
imposed by this law. (L. 1945 p. 1921 § 2, A.L. 1993 H.B. 105 & 480, A.L.
2002 S.B. 895)

1. Every banking institution shall be subject to an annual tax
for the privilege of exercising its corporate franchises within the state
determined in accordance with subsection 2 of this section.

2. The annual franchise tax imposed by subsection 1 of this section shall
be the sum of the amounts determined under subdivisions (1) and (2) of
this subsection:

(1) For taxable years beginning after December 31, 1986, the amount
determined under this subdivision shall be determined in accordance with
section 147.010, RSMo;

(2) The amount determined under this subdivision shall be seven percent
of the taxpayer's net income for the income period, from which product
shall be subtracted the sum of the amount determined under subdivision
(1) of this subsection and the credits allowable under subsection 3 of
this section. However, the amount determined under this subdivision shall
not be less than zero.

3. For purposes of subdivision (2) of subsection 2 of this section, the
allowable credits are all taxes paid to the state of Missouri or any
political subdivision thereof during the relevant income period,
including, without limitation, state and local sales and use taxes paid
to seller's, vendors, or the state of Missouri with respect to the
taxpayer's purchases of tangible personal property and the services
enumerated in chapter 144, RSMo. However, a taxpayer shall not be
entitled to credits for taxes on real estate and tangible personal
property owned by the taxpayer and held for lease or rental to others,
contributions paid pursuant to the unemployment compensation tax law of
Missouri, taxes imposed by this law, taxes imposed under chapter 147,
RSMo, for taxable years after 1985, or state and local sales and use
taxes collected by the taxpayer on its sales of tangible personal
property and the services enumerated in chapter 144, RSMo. (L. 1945 p.
1921 § 3, A. 1949 S.B. 1031, A.L. 1971 H.B. 169, A.L. 1972 H.B. 1054,
A.L. 1986 H.B. 1195, A.L. 1987 H.B. 349)

Effective 1-1-88

A corporation that makes an election under 26 U.S.C. Section
1362, that is also a banking institution as defined in section 148.020,
shall pay the annual franchise tax as set forth in section 148.030, as
modified by this section, and which is substantially equal to the
franchise tax which a corporation that has not made such election that is
also a banking institution pays, as follows:

(1) For the purposes of calculating the tax due pursuant to section
148.030, such electing corporation shall first determine all taxes due
treating the electing corporation as a nonelecting corporation, both for
federal and state tax purposes, including sections 148.010 to 148.110 and
excluding section 143.471, RSMo;

(2) The resulting franchise tax due under this calculation is the
substitute franchise tax, and shall be paid as the corporation's bank
franchise tax. (L. 1998 S.B. 792 § 1)

1. "Gross income" includes all gains, profits, earnings and
other income of the taxpayer from whatever sources derived during the
income period, including but not limited to interest from obligations
issued by the United States government or any political subdivision or
any instrumentality thereof, or any state or political subdivision
thereof, or issued by any foreign country or nation or political
subdivision thereof; all rents, compensation for services, commissions,
brokerage and other fees; all gains or profits from the sale or other
disposition of any property, real or personal, tangible or intangible;
and all recoveries on losses sustained in the ordinary course of business
subsequent to July 1, 1946; provided, however, that recoveries on such
losses sustained during any prior income period within which the
deductions, as permitted by subsection 3 of this section, exceeded the
taxpayer's gross income for such income period, computed in accordance
with this subsection, shall not be included in the taxpayer's gross
income for the income period in which they were received to the extent of
such excess. Dividends received on shares of stock of any banking
institution liable to a tax under this law shall not be included in gross
income.

2. "Net income" means gross income as defined in subsection 1 of this
section minus the deductions allowed in subsection 3 of this section, and
adjusted to the extent provided in section 148.097.

3. In computing net income there shall be allowed as deductions all
ordinary and necessary expenses paid or incurred by the taxpayer during
the income period in carrying on its trade or business. Without limiting
the generality of the foregoing, there shall be allowed as deductions a
reasonable allowance for salaries and other compensation for personal
services actually rendered; rents, repairs, and bad debts and debts
ordered to be charged off by the director of finance or the comptroller
of the currency or their respective examiners as the case may be;
interest; cost of insurance and advertising; all taxes paid or accrued
during the income period to the United States and all taxes paid or
accrued on real estate or tangible personal property owned by the
taxpayer and held for lease or rental to others, to the state of Missouri
or any political subdivision thereof; all contributions paid or accrued
pursuant to the unemployment compensation law of Missouri; reasonable
allowances for depreciation and depletion; amortization of premiums on
bonds, debentures, notes or other securities or evidences of
indebtedness; a reasonable allowance for payments or contributions to or
on account of any pension or retirement fund or plan for its officers or
employees; contributions to any corporation, association or fund
organized and operated exclusively for religious, charitable, scientific,
literary or educational purposes, no part of the net earnings of which
inure to the benefit of any private shareholder or individual to an
amount which does not exceed five percent of the taxpayer's net income as
computed without the benefit of this deduction; losses from the sale or
disposition of any property, real or personal, tangible or intangible;
and all other losses sustained during the income period not compensated
for by insurance.

4. Net income shall be computed in accordance with the method of
accounting regularly employed in keeping the books of the taxpayer,
unless such method does not clearly reflect the income, in which case the
computation shall be made in accordance with such method as in the
opinion of the director does clearly reflect the income. (L. 1945 p. 1921
§ 5, A. 1949 H.B. 2161, A.L. 1972 H.B. 1054, A.L. 1993 H.B. 105 & 480)

A taxpayer that is a member of an affiliated group of
corporations which files a consolidated federal income tax return shall
determine its deduction for or its gross income in respect of federal
income taxes paid or accrued during the income period to the United
States as if it and all other members of the affiliated group of which it
was a member had filed separate federal income tax returns for all
relevant taxable years. (L. 1986 H.B. 1195)

Effective 5-15-86

Every taxpayer shall file a return with the director on or
before the fifteenth day of April in each taxable year. (L. 1945 p. 1921
§ 4, A. 1949 S.B. 1031, A.L. 1969 3d Ex. Sess. H.B. 25, A.L. 1982 H.B.
1351, et al., A.L. 1986 H.B. 1195)

Effective 5-15-86

1. As soon as is practicable after the return is filed, the
director shall examine it to determine the correct amount of tax. If the
director finds that the amount of tax shown on the return is less than
the correct amount, he shall notify the taxpayer of the amount of the
deficiency proposed to be assessed. If the director finds that the tax
paid is more than the correct amount, he shall credit the overpayment
against any taxes due under sections 148.010 to 148.110 from the taxpayer
and refund the differences. No deficiency shall be proposed and no refund
shall be made pursuant to this or any section of sections 148.010 to
148.110 unless the amount exceeds one dollar.

2. If the taxpayer fails to file a return, the director shall estimate
the par value of the taxpayer's shares and surplus employed in this state
and the taxpayer's net income and the tax thereon from any available
information and notify the taxpayer of the amount proposed to be assessed
as in the case of a deficiency.

3. The notice required by subsections 1 and 2 of this section, hereafter
referred to as a notice of deficiency, shall set forth the reason for the
proposed assessment. The notice of deficiency shall be mailed by
certified or registered mail to the taxpayer at its last known address.
If the taxpayer's existence has terminated, a notice of deficiency may be
mailed to its last known address unless the director has received notice
of the existence and address of a person to receive notices with respect
to such taxpayer. (L. 1945 p. 1921 § 7, A.L. 1982 H.B. 1351, et al., A.L.
1986 H.B. 1195)

Effective 5-15-86

Except as otherwise specifically provided in sections 148.010 to
148.060 and sections 148.068 to 148.110, the franchise tax imposed under
sections 148.010 to 148.110 shall be administered as prescribed in the
following provisions of chapter 143, RSMo: Subsection 1 of section
143.551, RSMo, subsection 4 of section 143.551, RSMo, sections 143.561,
143.571, 143.601, 143.621, 143.631, 143.641, 143.651, 143.661, 143.671,
143.681, 143.691, 143.721 and 143.731, RSMo, subsection 1 of section
143.741, RSMo, subsection 1 of section 143.751, RSMo, subsection 2 of
section 143.751, RSMo, subsection 5 of section 143.751, RSMo, sections
143.771 and 143.791, RSMo, subsection 1 of section 143.811, RSMo,
subsection 2 of section 143.811, RSMo, subsection 4 of section 143.811,
RSMo, sections 143.831, 143.841, and 143.851, RSMo, subsection 2 of
section 143.861, subsection 3 of section 143.861, RSMo, and sections
143.971 and 143.986, RSMo. (L. 1986 H.B. 1195)

Effective 5-15-86

1. Notwithstanding any law to the contrary, this section shall
determine the ordering and limit reductions for certain taxes and tax
credits which may be used as credits against various taxes paid or
payable by banking institutions. Except as adjusted in subsections 2, 3
and 6 of this section, such credits shall be applied in the following
order until used against:

(1) The tax on banks determined under subdivision (2) of subsection 2 of
section 148.030;

(2) The tax on banks determined under subdivision (1) of subsection 2 of
section 148.030;

(3) The state income tax in section 143.071, RSMo.

2. The tax credits permitted against taxes payable pursuant to
subdivision (2) of subsection 2 of section 148.030 shall be utilized
first and include taxes referenced in subdivisions (2) and (3) of
subsection 1 of this section, which shall be determined without reduction
for any tax credits identified in subsection 5 of this section which are
used to reduce such taxes. Where a banking institution subject to this
section joins in the filing of a consolidated state income tax return
under chapter 143, RSMo, the credit allowed under this section for state
income taxes payable under chapter 143, RSMo, shall be determined based
upon the consolidated state income tax liability of the group and
allocated to a banking institution, without reduction for any tax credits
identified in subsection 5 of this section which are used to reduce such
consolidated taxes as provided in chapter 143, RSMo.

3. The taxes referenced in subdivisions (2) and (3) of subsection 1 of
this section may be reduced by the tax credits in subsection 5 of this
section without regard to any adjustments in subsection 2 of this section.

4. To the extent that certain tax credits which the taxpayer is entitled
to claim are transferable, such transferability may include transfers
among such taxpayers who are members of a single consolidated income tax
return, and this subsection shall not impact other tax credit
transferability.

5. For the purpose of this section, the tax credits referred to in
subsections 2 and 3 shall include tax credits available for economic
development, low-income housing and neighborhood assistance which the
taxpayer is entitled to claim for the year, including by way of example
and not of limitation, tax credits pursuant to the following sections:
section 32.115, RSMo, section 100.286, RSMo, and sections 135.110,
135.225, 135.352 and 135.403, RSMo.

6. For tax returns filed on or after January 1, 2001, including returns
based on income in the year 2000, and after, a banking institution shall
be entitled to an annual tax credit equal to one-sixtieth of one percent
of its outstanding shares and surplus employed in this state if the
outstanding shares and surplus exceed one million dollars, determined in
the same manner as in section 147.010, RSMo. This tax credit shall be
taken as a dollar-for-dollar credit against the bank tax provided for in
subdivision (2) of subsection 2 of section 148.030; if such bank tax was
already reduced to zero by other credits, then against the corporate
income tax provided for in chapter 143, RSMo.

*7. In the event the corporation franchise tax in chapter 147, RSMo, is
repealed by the general assembly, there shall also be a reduction in the
taxation of banks as follows: in lieu of the loss of the corporation
franchise tax credit reduction in subdivision (1) of subsection 2 of
section 148.030, the bank shall receive a tax credit equal to one and
one- half percent of net income as determined in this chapter. This
subsection shall take effect at the same time the corporation franchise
tax in chapter 147, RSMo, is repealed.

8. An S corporation bank or bank holding company that otherwise qualifies
to distribute tax credits to its shareholders shall pass through any tax
credits referred to in subsection 5 of this section to its shareholders
as otherwise provided for in subsection 9 of section 143.471, RSMo, with
no reductions or limitations resulting from the transfer through such S
corporation, and on the same terms originally made available to the
original taxpayer, subject to any original dollar or percentage
limitations on such credits, and when such S corporation is the original
taxpayer, treating such S corporation as having not elected Subchapter S
status.

9. Notwithstanding any law to the contrary, in the event the corporation
franchise tax in chapter 147, RSMo, is repealed by the general assembly,
after such repeal all Missouri taxes of any nature and type imposed
directly or used as a tax credit against the bank's taxes shall be passed
through to the S corporation bank or bank holding company shareholder in
the form otherwise permitted by law, except for the following:

(1) Credits for taxes on real estate and tangible personal property owned
by the bank and held for lease or rental to others;

(2) Contributions paid pursuant to the unemployment compensation tax law
of Missouri; or

(3) State and local sales and use taxes collected by the bank on its
sales of tangible personal property and the services enumerated in
chapter 144, RSMo. (L. 1995 S.B. 215, A.L. 2000 S.B. 896, A.L. 2001 H.B.
738 merged with S.B. 186)

*Contingent effective date

1. The director shall deposit all funds received by him in
payment of any tax imposed by sections 148.010 to 148.230 and 148.540 to
the credit of the intangible tax fund which is hereby created. He shall
maintain such funds in banking institutions selected by him and approved
by the governor, state treasurer and state auditor.

2. Thereafter he shall, until the time set for the distribution of the
net proceeds of the tax, invest all moneys within the fund in the same
manner as state funds not needed for the immediate expenses of the state
are invested. All interest earned upon the moneys so invested shall be
deposited in the intangible tax fund and all such interest shall be
returned to the various county treasurers within thirty days of tax
distribution. Each county shall receive that percentage of the total
interest earned as its share of the tax paid bears to the total amount of
the tax received by the director of revenue. A statement of the exact
amount of interest due each political subdivision in such county
determined by the pro rata share of the proceeds of the tax received by
such political subdivision bears to the proceeds of the tax received by
the county shall accompany each payment. (L. 1969 3d Ex. Sess. H.B. 25,
Repealed L. 1986 H.B. 1195, A.L. 1986 S.B. 669, et al.)

1. The amount of tax which is shown to be due on the return,
including revisions for mathematical errors, shall be deemed to be
assessed on the date of filing of the return including any amended
returns showing an increase of tax. In the case of a return properly
filed without the computation of the tax, the tax computed by the
director shall be deemed to be assessed on the date when payment is due.
If a notice of deficiency has been mailed, the amount of the deficiency
shall be deemed to be assessed sixty days after the notice of deficiency
was mailed if no protest is filed; or, if a protest is filed, then upon
the later of the date when the determination of the director or the
administrative hearing commission becomes final. Any amount paid as a tax
or in respect of a tax shall be deemed to be assessed upon the date of
receipt of payment, notwithstanding any other provision of sections
148.010 to 148.110.

2. If the mode or time for the assessment of any tax under sections
148.010 to 148.110 including interest, additions to tax, and penalties is
not otherwise provided for, the director of revenue may establish the
same by regulation.

3. The director may, at any time within the period prescribed for
assessment, make a supplemental assessment, subject to the provisions of
section 148.060 where applicable, whenever it is found that any
assessment is imperfect or incomplete in any material aspect. (L. 1986
H.B. 1195)

Effective 5-15-86

1. Except in the case of any erroneous refund and except as
otherwise provided in this section, a notice of deficiency shall be
mailed to the taxpayer within three years after the return was filed. No
deficiency shall be assessed or collected with respect to the taxable
year unless the notice is mailed within the three-year period or the
period otherwise fixed.

2. If a taxpayer omits from its return an amount of income that is
properly includable in its gross income which is in excess of twenty-five
percent of the amount of gross income stated in its return, a notice of
deficiency may be mailed to the taxpayer within six years after the
return was filed. For purposes of this subsection, in determining the
amount omitted, there shall not be taken into account any amount which is
omitted in the return if such amount is disclosed in the return, or in a
statement attached to the return, in a manner adequate to apprise the
director of the nature and amount of such item.

3. If no return is filed or a false and fraudulent return is filed with
intent to evade the tax imposed by sections 148.010 to 148.110, a notice
of deficiency may be mailed to the taxpayer at any time.

4. Where, before the expiration of the time prescribed in this section
for the assessment of a deficiency, both the director and the taxpayer
shall have consented in writing to its assessment after such time, the
deficiency may be assessed at any time prior to the expiration of the
period agreed upon. The period so agreed upon may be extended by
subsequent agreement in writing made before the expiration of the period
previously agreed upon.

5. For purposes of this section, a return filed before the last day,
without regard to any extension, prescribed by law or regulation for the
filing thereof, shall be deemed to be filed on such last day. (L. 1945 p.
1921 § 8, A.L. 1978 S.B. 661, A.L. 1986 H.B. 1195)

Effective 5-15-86

The interest, additions to tax, and penalties provided by
sections 148.010 to 148.110 shall be paid upon notice and demand and
shall be assessed, collected, paid, and distributed pursuant to sections
148.080, 148.085, and 148.095 in the same manner as taxes. Any reference
in sections 148.010 to 148.110 to the tax imposed by sections 148.010 to
148.110 shall be deemed also to refer to interest, additions to the tax,
and penalties provided in sections 148.010 to 148.110. (L. 1986 H.B. 1195)

Effective 5-15-86

1. The director within the applicable period of limitations may
credit an overpayment of the tax imposed by sections 148.010 to 148.110,
and interest on such overpayment, against any liability in respect of any
tax imposed by the tax laws of this state on the taxpayer who made the
overpayment, and the balance shall be refunded if it exceeds one dollar.

2. If any amount of tax is assessed or collected after the expiration of
the period of limitations properly applicable thereto, such amount shall
be considered an overpayment. (L. 1986 H.B. 1195)

Effective 5-15-86

1. A claim for credit or refund of an overpayment of any tax
imposed by sections 148.010 to 148.110 shall be filed by the taxpayer
within three years from the time the return was filed or two years from
the time the tax was paid, whichever of such periods expires the later;
or if no return was filed by the taxpayer, within two years from the time
the tax was paid. No credit or refund shall be allowed or made after the
expiration of the period of limitations prescribed in this subsection for
the filing of a claim for credit or refund, unless a claim for credit or
refund is filed by the taxpayer within such period. Every claim for
refund shall be filed with the director in writing and shall state the
specific grounds upon which it is founded. Claims for refund may be filed
in accordance with section 143.851, RSMo.

2. If the claim is filed by the taxpayer during the three-year period
prescribed in subsection 1 of this section, the amount of the credit or
refund shall not exceed the portion of the tax paid within the three
years immediately preceding the filing of the claim plus the period of
any extension of time for filing the return. If the claim is not filed
within such three-year period, but is filed within the two-year period,
the amount of the credit or refund shall not exceed the portion of the
tax paid during the two years immediately preceding the filing of the
claim. If no claim is filed, the credit or refund shall not exceed the
amount which would be allowable under either of the preceding sentences,
as the case may be, if a claim was filed on the date the credit or refund
is allowed.

3. If pursuant to subsection 4 of section 148.070 an agreement for an
extension of the period for assessment of tax is made within the period
prescribed in subsection 1 of this section for the filing of a claim for
credit or refund, the period for filing a claim for credit or refund or
for making a credit or refund if no claim is filed, shall not expire
prior to six months after the expiration of the period within which an
assessment may be made pursuant to the agreement or any extension
thereof. The amount of such credit or refund shall not exceed the portion
of the tax paid after the execution of the agreement and before the
filing of the claim or the making of the credit or refund, as the case
may be, plus the portion of the tax paid within the period which would be
applicable under subsection 1 of this section if a claim had been filed
on the date the agreement was executed. (L. 1986 H.B. 1195)

Effective 5-15-86

The portion of the tax determined under subdivision (2) of
subsection 2 of section 148.030 which is collected by the director under
the provisions of sections 148.010 to 148.110, and all taxes collected by
the director under sections 148.120 to 148.230 and under section 148.540,
shall be returned by him, less two percent thereof which shall be
retained by the state for collection, to the county treasury of the
county in which the taxpayer is located on or before December fifteenth
of each year. A statement of the exact amount due each political
subdivision as determined by applying the local rates of levy to the
proceeds of the tax shall accompany each payment. The several county
treasurers and the treasurer of St. Louis City are hereby directed to
distribute all amounts so received from the director according to the
allocation made in the statements made by the director. (L. 1945 p. 1921
§ 10, A.L. 1969 3d Ex. Sess. H.B. 25, A.L. 1986 H.B. 1195)

Effective 5-15-86

The portion of the tax determined under subdivision (1) of
subsection 2 of section 148.030 which is collected by the director under
sections 148.010 to 148.110 shall be recorded and deposited in accordance
with section 136.110, RSMo. (L. 1986 H.B. 1195)

Effective 5-15-86

Each bank and each trust company organized under the laws of
this state and each national banking association organized under the laws
of the United States to be located in Missouri, with the date of its
certificate of due organization, or the equivalent thereof as a result of
determination on appeal, or its certificate of authority to commence
business, as the case may be (which are relevantly herein referred to as
"its certificate") subsequent to July 1, 1946, shall be subject to the
tax imposed by this law for the calendar year in which it receives its
certificate and the first taxable year thereafter measured by its net
income, as defined in section 148.040, for the portion of the calendar
year unelapsed on the date borne by its certificate with the rate of tax
as provided by section 148.030, and with credit against said tax for all
taxes and contributions for which credit is permitted by section 148.030,
which taxes or contributions are paid during the portion of the calendar
year unelapsed on the date borne by its certificate. For each other
taxable year each banking institution in this section referred to shall
be subject to all the provisions of this law. Any tax imposed by this law
due for the calendar year in which it receives its certificate shall be
payable by each banking institution to which this section applies to the
director on or before June first of the year following the year in which
it receives its certificate, and except as to this particular the
provisions of sections 148.040 to 148.070 and section 148.100 shall be
applicable. (L. 1945 p. 1921 § 9, A. 1949 H.B. 2161)

If any bank operates more than one office or branch in the state
of Missouri, the bank shall file one return giving the address of each
such office or branch and setting forth the total dollar amounts of
accounts or deposits of each such office. The political subdivisions
within which the office or offices are situated shall share the portion
of the tax determined under subdivision (2) of subsection 2 of section
148.030 which is collected under sections 148.010 to 148.110 upon the
same basis that the dollar amount of the deposits or accounts of such
office bears to the total dollar amount of the deposits or accounts of
the bank, and the director of revenue shall allocate the tax collected
accordingly; provided that if a bank does business outside the state of
Missouri the total of the dollar amount of deposits and accounts at an
office or offices outside the state of Missouri shall be excluded in
determining the total deposits and accounts subject to tax hereunder. (L.
1983 H.B. 565 § 1, A.L. 1986 H.B. 1195)

Effective 5-15-86

1. A taxpayer is taxable in another state if, by reason of
business activity in another state, it is subject to and did pay one of
the types of taxes specified: a net income tax, a franchise tax measured
by net income, a franchise tax for the privilege of doing business, or a
corporate stock tax. The taxpayer must carry on business activities in
another state. If the taxpayer voluntarily files and pays one or more of
such taxes when not required to do so by the laws of that state or pays a
minimal fee for qualification, organization or for the privilege of doing
business in that state, but does not actually engage in business
activities in that state, and does not have business facilities in that
state or does actually engage in some activity, not sufficient for nexus,
and the minimum tax bears no relation to the taxpayer's activities with
such state, the taxpayer is not taxable in another state.

2. When the income of a taxpayer is derived from business activity
conducted within and without this state and the business activity is
taxable in another state, then income shall be apportioned to this state
by multiplying the gross income minus the deduction in section 148.040 by
a fraction, the numerator of which is the sum of the property factor, the
payroll factor, and the deposits factor, and the denominator of which is
three reduced by the number of factors which have a denominator of zero.

3. For purposes of subsection 2 of this section, the property factor is a
fraction, the numerator of which is the average value of the taxpayer's
real and tangible personal property owned or rented and used in this
state during the income year, and the denominator is the average value of
all the taxpayer's real and tangible personal property owned or rented
and used during the income year, except under this subsection, any
property that the bank acquired in settlement of debts and is held for
sale under section 362.165, RSMo, or section 29 Title 12 United States
Code. Property owned by the taxpayer shall be valued at its original
cost. Property rented by the taxpayer is valued at eight times the net
annual rental rate. The net annual rental rate is the total rental rate
paid by the taxpayer, less total annual rental rates received by the
taxpayer from subrentals. The average value of property owned by the
taxpayer shall be determined by averaging the values at the beginning and
ending of the income year, but the director of revenue may require
averaging by monthly values if reasonably required to reflect the average
value of the taxpayer's property for the income year.

4. For purposes of subsection 2 of this section, the payroll factor is a
fraction, the numerator of which is the total amount paid in this state
during the income year by the taxpayer for compensation, and the
denominator of which is the total compensation paid everywhere during the
income year by the taxpayer. Compensation is paid in this state if:

(1) The employee's service is performed entirely within this state;

(2) The employee's service is performed both within and without this
state, but the service performed without this state is incidental to the
employee's service within this state; or

(3) The employee's services are performed both within and without this
state, and:

(a) The employee's base of operations is in this state; or

(b) There is no base of operations in any state in which some part of the
service is performed, but the place from which the service is directed or
controlled is in this state; or

(c) The base of operations or the place from which the service is
directed or controlled is not in any state in which some part of the
service is performed but the employee's residence is in this state.

5. For purposes of subsection 2 of this section, the deposits factor is a
fraction, the numerator of which is the average of deposits recorded on
the books at the main banking house and branches of the taxpayer within
this state during the income year, and the denominator of which is the
average deposits recorded on the books everywhere by the taxpayer during
the income year. Such average shall be determined by averaging deposits
as of the first of the year with deposits as of the last day of the year.
(L. 1993 H.B. 105 & 480)

The director shall prescribe and publish all needful rules and
regulations for the enforcement of sections 148.010 to 148.110 pursuant
to chapter 536, RSMo, and section 148.700. Insofar as feasible, as may be
determined by the director, such rules and regulations shall be
consistent with the rules and regulations prescribed by the commissioner
of internal revenue for the enforcement of the income tax chapter of the
internal revenue code. The director of finance shall make available to
the director upon his request any report filed by any banking institution
subject to the tax imposed by sections 148.010 to 148.110, and said
director shall be under the same obligation as to secrecy with respect
thereto as is imposed upon the director of finance by law. (L. 1945 p.
1921 § 6, A.L. 1994 H.B. 1165)

Effective 7-6-94

CROSS REFERENCE: Rules and regulations, generally, Chap. 536, RSMo

It is the purpose and intent of the general assembly to
substitute the tax provided by sections 148.010 to 148.110 for the tax on
bank shares which was imposed by section 10959, RSMo 1939, and for all
taxes on all tangible and intangible personal property of all banking
institutions subject to the provisions of sections 148.010 to 148.110,
except taxes on tangible personal property owned by the taxpayer and held
for lease or rental to others and for all property taxes on the shares of
such banking institutions. (L. 1945 p. 1921 § 11, A.L. 1972 H.B. 1054)

(1990) Bank institutions tax may be substituted for the bank share tax
and for taxes on all personal property of banking institutions. Banking
tax does not run afoul of the uniformity requirement of Art. X, Sec. 3.
Mercantile Bank National Assn. v. Berra, 796 S.W.2d 22 (Mo. en banc.).

Subchapter S corporation shareholders of: (i) a bank; or (ii) a
bank holding company of a bank permitted to file a substitute bank
franchise tax pursuant to section 148.031, may take a tax credit against
such shareholder's state income tax return, as provided in section
143.471, RSMo. Such tax credit shall be the taxpayer's pro rata share of
either the franchise tax, or the tax in lieu of the franchise tax, paid
by the bank as provided in this chapter. (L. 1999 S.B. 386 § 1)

Sections 148.120 to 148.230 may be designated as the "Credit
Institutions Tax Law of 1946". (L. 1945 p. 1937 § 1)

For the purposes of this law, the following terms shall have the
following meanings:

(1) The term "director of finance" means the chief officer of the present
state division of finance, or of such agency of the state of Missouri as
may hereafter have by law the supervisory duties of the present state
division of finance pertaining to credit institutions of this state.

(2) The term "credit institution" means every person, firm, partnership,
or corporation engaged principally in the consumer credit or loan
business in the making of loans of money, credit, goods, or things in
action, or in the buying, selling, or discounting of, or investing in
negotiable or nonnegotiable instruments given as security for or in
payment of the purchase price of consumer goods. Without limiting the
generality of the foregoing, the term "credit institution" shall include
persons, firms, partnerships, and corporations, operating or licensed
under the small loan laws of this state, or under the laws of this state
relating to loan and investment companies, and pawnbrokers, but shall not
include banks, trust companies, credit unions, insurance companies,
mutual savings and loan associations, savings and loan associations, or
real estate mortgage loan companies.

(3) The term "director" means the director of revenue in charge of the
state department of revenue.

(4) The term "income period" means the calendar year or relevant portion
thereof next preceding the taxable year.

(5) The term "taxable year" means the calendar year in which the tax is
payable.

(6) The term "taxpayer" means any credit institution subject to any tax
imposed by sections 148.120 to 148.230. (L. 1945 p. 1937 § 2)

1. Every credit institution as herein defined shall be subject
to an annual tax for the privilege of exercising its franchise within the
state of Missouri, according to and measured by its net income for the
preceding calendar year.

2. The rate of tax for each taxable year shall be seven percent of such
net income.

3. Each taxpayer shall be entitled to credits against the tax imposed by
sections 148.120 to 148.230 for all taxes paid to the state of Missouri
or any political subdivision thereof during the relevant income period,
other than taxes on real estate, contributions paid pursuant to the
unemployment compensation tax law of Missouri and taxes imposed by said
sections. (L. 1945 p. 1937 § 3, A. 1949 S.B. 1031)

1. "Net income" means gross income as defined in subsection 2 of
this section minus the deductions allowed in subsection 3 of this section.

2. "Gross income" includes all gains, profits, earnings and other income
of the taxpayer derived from sources within the state of Missouri, during
the income period, including but not limited to interest from obligations
issued by the United States government or any political subdivision or
any instrumentality thereof, or any state or political subdivision
thereof, or issued by any foreign country or nation or political
subdivision thereof, all rents, compensation for services, commissions,
brokerage and other fees, all gains or profits from the sale or other
disposition of any property, real or personal, tangible or intangible;
and all recoveries on losses sustained in the ordinary course of business
subsequent to the effective date of sections 148.120 to 148.230;
provided, however, that recoveries on such losses sustained during any
prior income period within which the deductions, as permitted by
subsection 3 of this section, exceed the taxpayer's gross income for said
income period, computed in accordance with this subsection, shall not be
included in the taxpayer's gross income for the income period in which
they were received to the extent of said excess. Dividends received on
shares of stock of any credit institution liable to tax under sections
148.120 to 148.230 shall not be included in gross income; provided,
however, that gross income as defined in said sections when applied to
pawnbrokers shall be the gross income or interest received by said
pawnbrokers on their money lending activities alone and shall not include
that part of their total income that is derived from the buying and
selling of merchandise.

3. In computing net income there shall be allowed as deductions all
ordinary and necessary expenses paid or incurred by the taxpayer during
the income period in carrying on its trade or business in the state of
Missouri. Without limiting the generality of the foregoing there shall be
allowed as deduction a reasonable allowance for salaries and other
compensation for personal services actually rendered; rents, repairs, bad
debts and debts ordered to be charged off by the director of finance;
interest, cost of insurance and advertising; all taxes paid or accrued
during the income period to the United States and all taxes paid or
accrued on real estate to the state of Missouri or any political
subdivision thereof; all contributions paid or accrued pursuant to the
unemployment compensation law of Missouri; reasonable allowances for
depreciation and depletion; amortization of premiums on bonds,
debentures, notes or other securities or evidences of indebtedness; a
reasonable allowance for payments or contributions to or on account of
any pension or retirement fund or plan for its officers or employees;
contributions to any corporation, association or fund organized and
operated exclusively for religious, charitable, scientific, literary or
educational purposes, no part of the net earnings of which inure to the
benefit of any private shareholder or individual to an amount which does
not exceed five percent of the taxpayer's net income as computed without
the benefit of this deduction; losses from the sale or disposition of any
property, real or personal, tangible or intangible; and all other losses
sustained during the income period not compensated for by insurance;
provided, however, that deductions allowed to pawnbrokers shall be the
same percent of the total deductions allowable under this section as the
total volume of their loan business bears to the total volume of their
loan and merchandise business combined.

4. Net income shall be computed in accordance with the method of
accounting regularly employed in keeping the books of the taxpayer,
unless such method does not clearly reflect the income, in which case the
computation shall be made in accordance with such method as in the
opinion of the director does clearly reflect the income. Where income of
taxpayer is derived partly from sources within the state of Missouri and
partly from sources without the state of Missouri, gross income,
deductions and net income shall be computed on the basis of a separate
accounting method. (L. 1945 p. 1937 § 5, A.L. 1947 V. I p. 557)

Every taxpayer shall file a return with the director on or
before the fifteenth day of April in each year. The director may grant a
reasonable extension of time for filing returns under such rules and
regulations as he shall prescribe. Whenever such an extension of time is
granted, a taxpayer shall be required to pay as part of any tax due
interest thereon at the rate determined by section 32.065, RSMo, from the
day when such return should have been filed if no such extension had been
granted. (L. 1945 p. 1937 § 4, A. 1949 S.B. 1031, A.L. 1969 3d Ex. Sess.
H.B. 25, A.L. 1982 H.B. 1351, et al.)

If any taxpayer shall operate more than one office in the state
of Missouri the taxpayer shall file one return giving the address of each
such office and allocating to each office its share of the net income of
taxpayer in the ratio that the gross receipts of each office bears to the
total gross receipts of taxpayer. (L. 1945 p. 1937 § 10)

The tax imposed by sections 148.120 to 148.230 shall be due and
payable upon the last day upon which a return must be filed under section
148.160. Upon the filing of such return the full amount of any tax as
computed by the taxpayer shall be paid to the director, who as soon as is
practicable thereafter shall examine it and determine the correct amount
of the tax. If the director determines that the taxpayer has paid a tax
in excess of the amount lawfully due, the director shall permit a credit.
If any tax due hereunder is not paid when due, the taxpayer shall be
required to pay as part of such tax interest thereon at the rate
determined by section 32.065, RSMo, from such time. (L. 1945 p. 1937 § 7,
A.L. 1982 H.B. 1351, et al.)

In the event the director of revenue determines that the correct
amount of the tax is greater than that computed by the taxpayer, he
shall, upon such determination, notify the taxpayer thereof by mail. The
taxpayer may seek review of the determination of the director of revenue
by the administrative hearing commission. (L. 1945 p. 1937 § 8, A.L. 1978
S.B. 661)

The director shall prescribe and publish all needful rules and
regulations for the enforcement of sections 148.120 to 148.230 pursuant
to chapter 536, RSMo, and section 148.700. Insofar as feasible, as may be
determined by the director, such rules and regulations shall be
consistent with the rules and regulations prescribed by the commissioner
of internal revenue for the enforcement of the income tax chapter of the
internal revenue code. The director of finance shall make available to
the director upon his request any report filed by any credit institution
subject to the tax imposed by sections 148.120 to 148.230, and said
director shall be under the same obligation as to secrecy with respect
thereto as is imposed upon the director of finance by law. (L. 1945 p.
1937 § 6, A.L. 1994 H.B. 1165)

Effective 7-6-94

Each credit institution, subsequent to the effective date of
sections 148.120 to 148.230 shall be subject to the tax imposed by said
sections for the calendar year in which it receives its certificate or
franchise authorizing it to engage in business in this state for the
portion of the calendar year unelapsed and with credit against said tax
for all taxes and contributions for which credit is permitted by section
148.140, which taxes or contributions are paid during the portion of the
calendar year unelapsed on the date borne by its certificate or
franchise. For each other taxable year, each credit institution shall be
subject to all the provisions of sections 148.120 to 148.230. Any tax
imposed by said sections due for the calendar year in which the taxpayer
receives its certificate or franchise shall be payable by each credit
institution to which this section applies to the director on or before
June first of the year following the year in which it receives its
certificate or franchise. (L. 1945 p. 1937 § 9)

It is the purpose of the general assembly to substitute the tax
provided by sections 148.120 to 148.230 for all taxes on all tangible and
intangible personal property of all credit institutions subject to the
provisions of said sections and for all property taxes on the shares of
such credit institution. (L. 1945 p. 1937 § 12)

The real and tangible personal property owned by insurance
companies operating in this state shall be assessed and taxed as is real
and tangible personal property owned by individuals, and the payment
thereof and the distribution of the amounts received shall be in the
manner provided by the general revenue laws of this state. (RSMo 1939 §
6092, A.L. 1945 p. 1024)

CROSS REFERENCE: Director of insurance or director of revenue may make
supplemental assessment, when, RSMo 374.245

Every stock insurance company organized under the provisions of
sections 379.010 to 379.203, RSMo, shall quarterly pay a tax upon the
direct premiums received during the calendar year, whether in cash or
notes, in this state and on account of business done in this state at a
rate of two percent per annum in lieu of all other taxes except taxes on
real and tangible personal property, taxes on incomes and on franchises
and license taxes; provided, that such insurance companies shall be
credited with canceled or returned premiums, actually paid during the
year in this state. (RSMo 1939 § 6091, A.L. 1947 V. II p. 271, A.L. 1971
S.B. 171, A.L. 1982 S.B. 470)

1. Every such company 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 insurance stating the amount of all premiums received on
account of policies issued in this state by the 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 insurance shall verify the same and certify the amount of
tax due from the various companies on the basis and at the rates provided
in section 148.320, 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
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. The
state treasurer, upon receiving the moneys paid as a tax upon such
premiums to the director of revenue, shall place the moneys to the credit
of a fund to be known as "The County Stock Insurance Fund", which is
hereby created and established. The county stock insurance fund shall be
included in the calculation of total state revenue pursuant to article X,
section 18, of the Missouri Constitution.

3. If the estimated quarterly tax installments are not so paid, the
director of revenue shall certify such fact to the director of the
division of 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.

4. On or before the first day of September of each year the commissioner
of administration shall apportion all moneys in the county stock
insurance fund to the general revenue fund of the state, to the county
treasurer and to the treasurer of the school district in which the
principal office of the company paying the same is located. All premium
tax credits described in sections 135.500 to 135.529, RSMo, and sections
348.430 and 348.432, RSMo, shall only reduce the amounts apportioned to
the general revenue fund of the state and shall not reduce any moneys
apportioned to any county treasurer or to the treasurer of the school
district in which the principal office of the company paying the same is
located. Apportionments shall be made in the same ratio which the rates
of levy for the same year for state purposes, for county purposes, and
for all school district purposes, bear to each other; provided that any
proceeds from such tax for prior years remaining on hand in the hands of
the county collector or county treasurer undistributed on the effective
date of sections 148.310 to 148.460 and any proceeds of such tax for
prior years collected thereafter shall be distributed and paid in
accordance with the provisions of such sections. Whenever the word
"county" occurs herein it shall be construed to include the city of St.
Louis. (RSMo 1939 § 6093, A.L. 1941 p. 401, A.L. 1945 p. 1024, A.L. 1982
S.B. 470, A.L. 1996 H.B. 1237, A.L. 2004 H.B. 1182 merged with S.B. 740,
et al.)

Effective 6-23-04 (H.B. 1182) 8-28-04 (S.B. 740, et al.)

Every insurance company or association not organized under the
laws of this state, shall, as provided in section 148.350, quarterly pay
tax upon the direct premiums received, whether in cash or in notes, in
this state or on account of business done in this state, for insurance of
life, property or interest in this state at the rate of two percent per
annum in lieu of all other taxes, except as in sections 148.310 to
148.461 otherwise provided, which amount of taxes shall be assessed and
collected as herein provided; provided, that fire and casualty insurance
companies or associations shall be credited with canceled or return
premiums actually paid during the year in this state, and that life
insurance companies shall be credited with dividends actually declared to
policyholders in this state, but held by the company and applied to the
reduction of premiums payable by the policyholder. (RSMo 1939 § 6094,
A.L. 1982 S.B. 470, A.L. 1983 H.B. 713 Revision)

Prior revisions: 1929 § 5979; 1919 § 6387; 1909 § 7099

CROSS REFERENCES: Amount of tax by foreign state on Missouri companies,
when in excess of Missouri tax, to be collected from insurance companies
of such state, RSMo 375.916 Foreign stipulated premium plan companies,
taxation of, RSMo 377.420, 377.430

(1994) Where legislature did not expressly exempt foreign insurance
companies from the use tax in chapter 144, RSMo, the provisions of this
section that provide for the imposition of tax on premiums received by
foreign insurance companies in lieu of all other taxes do not exempt
foreign insurance companies from use tax liability. Prudential Insurance
Company of America v. Director of Revenue, 885 S.W.2d 337 (Mo. en banc).

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 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 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 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 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, RSMo, 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

On or before the first day of October of each year, the state
treasurer shall transfer the moneys in the county foreign insurance tax
fund to the state school moneys fund for distribution to the school
districts under section 163.031, RSMo. (RSMo 1939 § 6097, A.L. 1945 p.
1024, A.L. 1947 V. I p. 340, A.L. 1965 p. 95, A.L. 1977 H.B. 130, A.L.
1982 Adopted by Initiative, Proposition C, November 2, 1982, A.L. 1990
H.B. 1412, A.L. 2005 S.B. 287)

Prior revisions: 1929 § 5982; 1919 § 6390; 1909 § 7102

*Effective 7-1-06

CROSS REFERENCE: Missouri schools for the blind, deaf and severely
handicapped entitled to distribution from county foreign insurance tax,
how computed, RSMo 162.792

On or before the first day of October of each year, the
commissioner of education shall apportion to the school districts of the
state all of the moneys to the credit of the county foreign insurance tax
fund, and warrants shall be issued in favor of the treasurers of the
school districts. The moneys shall be apportioned to each school district
in the state in the same proportion that the September membership of the
district, determined as provided in (1) of subdivision (8) of section
163.011, RSMo, bears to the sum of the September membership of all
districts in the state. (RSMo 1939 § 6097, A.L. 1945 p. 1024, A.L. 1947
V. I p. 340, A.L. 1965 p. 95, A.L. 1977 H.B. 130, A.L. 1982 Adopted by
Initiative, Proposition C, November 2, 1982, A.L. 1990 H.B. 1412)

Prior revisions: 1929 § 5982; 1919 § 6390; 1909 § 7102

*This section was amended by S.B. 287, 2005, effective 7-1-06. Consult
RSMo 2000 for existing section.

CROSS REFERENCE: Missouri schools for the blind, deaf and severely
handicapped entitled to distribution from county foreign insurance tax,
how computed, RSMo 162.792

Every insurance company or association organized under the laws
of the state of Missouri and doing business under the provisions of
sections 376.010 to 376.670, 379.205 to 379.310, 379.650 to 379.790 and
chapter 381, RSMo, and every mutual fire insurance company organized
under the provisions of sections 379.010 to 379.190, RSMo, shall, as
hereinafter provided, quarterly pay, beginning with the year 1983, a tax
upon the direct premiums received by it from policyholders in this state,
whether in cash or in notes, or on account of business done in this
state, for insurance of life, property or interest in this state, at the
rate of two percent per annum, which amount of taxes shall be assessed
and collected as hereinafter provided; provided, that fire and casualty
insurance companies or associations shall be credited with canceled or
returned premiums actually paid during the year in this state, and that
life insurance companies shall be credited with dividends actually
declared to policyholders in this state but held by the company and
applied to the reduction of premiums payable by the policyholder. (L.
1945 p. 993 § 6098a, A.L. 1969 3d Ex. Sess. H.B. 21, A.L. 1982 S.B. 470)

If any tax due pursuant to the provisions of sections 148.310 to
148.461 is not paid when due, the insurance company shall be required to
pay as part of such tax interest thereon at the rate determined by
section 32.065, RSMo, from such time. (L. 1982 H.B. 1351, et al., A.L.
1983 H.B. 713 Revision)

1. Every company operating under the provisions of sections
380.201 to 380.591, RSMo, shall quarterly pay a tax upon the direct
premiums or assessments received during the calendar year, whether in
cash or notes, on account of insurance business done in this state at a
rate of one percent per annum for the amount of direct premiums or
assessments received in excess of one million dollars. Direct premiums or
assessments received by such companies in excess of five million dollars
shall be taxed at the rate of two percent per annum. This taxation plan
shall be in lieu of all other taxes except taxes on real and tangible
personal property, taxes on franchises and license taxes, and those
insurance companies shall be credited with canceled or returned premiums,
actually paid during the year in this state.

2. The taxes imposed by the provisions of this section shall be payable
on an estimated quarterly basis in the same manner that domestic
insurance companies pay tax under the provisions of this chapter, and
shall be subject to the same provisions concerning delinquency. Calendar
year 1985 will be the first year that companies operating under sections
380.201 to 380.591, RSMo, are required to pay tax under this section and
sections 380.011 to 380.611, RSMo. The estimated quarterly tax payments
for 1985 will be based on the amount of tax that the company would have
paid based on their 1984 premiums or assessments. The tax collected under
the provisions of this section shall be distributed and apportioned in
the same manner as provided in section 148.380. (L. 1984 H.B. 1498 §
148.375)

Effective 1-1-85

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, 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 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
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 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.

1. Every insurer, in computing the premium tax, shall exclude
from the gross amount of premiums all premiums received from policies or
contracts, issued in connection with the funding of a pension,
profit-sharing plan or individual retirement annuity, qualified or exempt
under sections 401, 403, 404, 408 or 501 of the United States Internal
Revenue Code as now or hereafter amended, as well as all premiums paid on
other annuity contracts, and may deduct from the gross amount of taxable
income in addition to other authorized credits, canceled and return
premiums actually paid or credited, all life insurance dividends paid or
credited and all fire, casualty and other insurance dividends including
unused portion of premium deposits paid or credited; provided, title
insurance companies may receive credit for the percentage of deductions
designated in section 148.400 that title insurance premium bears to the
total operations income.

2. In addition to the foregoing deductions, every insurer may take the
following deductions from the gross amount of premiums received on
policies or contracts providing health insurance benefits for the benefit
of some or all of the employees of one or more employers or for the
benefit of the members of a union or unions, whether or not such benefits
are payable through a trustee:

(1) One-fourth of the amount of benefit payments actually made during the
year beginning January 1, 1972;

(2) One-half of the amount of benefit payments actually made during the
year beginning January 1, 1973;

(3) Three-fourths of the amount of benefit payments actually made during
the year beginning January 1, 1974;

(4) The entire amount of benefit payments actually made during the year
beginning January 1, 1975, and during each subsequent year. (L. 1945 p.
999 § 1, A.L. 1951 p. 840, A.L. 1963 p. 200, A.L. 1969 3d Ex. Sess. p.
90, A.L. 1971 H.B. 158, A.L. 1976 S.B. 684, A.L. 1986 S.B. 425)

Effective 1-1-87

All insurance companies or associations organized in or admitted
to this state may deduct from premium taxes payable to this state, in
addition to all other credits allowed by law, income taxes, franchise
taxes, personal property taxes, valuation fees, registration fees and
examination fees paid, including taxes and fees paid by the attorney-in-
fact of a reciprocal or interinsurance exchange to the extent
attributable to the principal business as such attorney-in-fact, under
any law of this state. Unless rejected by the general assembly by April
1, 2003, for all tax years beginning on or after January 1, 2003, a
deduction for examination fees which exceeds an insurance company's or
association's premium tax liability for the same tax year shall not be
refundable, but may be carried forward to any subsequent tax year, not to
exceed five years, until the full deduction is claimed; except that,
notwithstanding the provisions of section 148.380, if any deduction is
claimed through the carryforward provisions of this section, it shall be
credited wholly against the general revenue fund and shall not cause a
reduction in revenue to the county foreign insurance fund. (L. 1945 p.
993 § 6098c, A.L. 1969 3d Ex. Sess. H.B. 21, A.L. 2001 H.B. 738 merged
with S.B. 193)

If any company or association shall fail or refuse to make the
return required by sections 148.330, 148.350, and 148.380, the director
of the department of insurance shall certify the amount of tax to the
director of revenue and the director of revenue shall notify and shall
assess the tax against such company at the rate provided for in sections
148.320, 148.340, and 148.380 on such amount of premiums as he shall deem
just, and the proceedings thereon shall be the same as if the return had
been made. (RSMo 1939 § 6096, A.L. 1982 S.B. 470)

Prior revisions: 1929 § 5981; 1919 § 6389; 1909 § 7101

If any insurance company, organized under the laws of any other
state or government, doing business in this state, shall withdraw from
business in this state before the annual tax shall fall due according to
the provisions of sections 148.310 to 148.461, or shall fail or neglect
to pay the tax imposed under sections 148.310 to 148.461, the director of
revenue shall at once proceed to collect the same. (RSMo 1939 § 6100,
A.L. 1945 p. 1024, A.L. 1983 H.B. 713 Revision)

Prior revisions: 1929 § 5985; 1919 § 6393; 1909 § 7105

In any case where the authority of any insurance company to do
business in this state has been or shall be suspended, revoked or
withheld for nonpayment of taxes, or for any other cause, or when any
company shall voluntarily withdraw from this state, the director of
revenue may sue and recover, in his own name, in any court in this state
having jurisdiction, from any such company, the amount of taxes and
license properly chargeable against such company by law, together with
costs and reasonable attorney's fees, to be taxed as costs; and in such
proceeding, process may issue to any county in the state, and may be
served on the agent or attorney appointed under the law to receive or
acknowledge service of process, and such service shall be as valid as if
served on the company according to the laws of this state in other cases.
(RSMo 1939 § 6102, A.L. 1945 p. 1024)

Prior revisions: 1929 § 5987; 1919 § 6395; 1909 § 7107

1. The agent or agents of any such insurance company doing
insurance business in any city in this state, having a population of more
than five hundred thousand inhabitants, in addition to the tax on
premiums as above provided for against such companies, shall also pay to
the collector of said city, if said city shall so declare by ordinance,
on or before the first day of February of each and every year, not more
than the sum of two hundred dollars for each such fire insurance company,
and for each such other insurance company not more than the sum of one
hundred dollars, for the use of said city, which sum shall be considered
in full for and in lieu of all taxes and licenses which said city may
possess the power to impose on such agencies; and such collector shall,
upon such payment being made, issue to such agent or agents a license, in
the name of such city, to do the business of such agency for one year,
which license shall be renewed from year to year, if demanded.

2. This section shall be construed as authorizing but one such tax for
each such insurance company in each such city regardless of the number of
agents which such company may have in such city.

3. Any such insurance company and any insurance agent doing insurance
business in any city in this state having a population of more than one
hundred thousand inhabitants and less than five hundred thousand
inhabitants, in addition to the tax on premiums as above provided for
against such companies, shall also pay to the collector of said city, if
said city shall so declare by ordinance, on or before the fourth day of
January of each and every year, not more than the sum of two hundred
dollars for each such fire insurance company, and for each such other
insurance company not more than the sum of one hundred dollars, for the
use of said city for each agent, agency or office doing an insurance
business for such company in said city; which sum shall be considered in
full for and in lieu of all taxes and licenses which said city may
possess the power to impose on such agencies; and such collector shall,
upon such payment being made, issue to such agent or agents a license, in
the name of such city, to do the business of such company at such agency
or office for one year, which license shall be renewed from year to year,
if demanded. (RSMo 1939 § 6099)

Prior revisions: 1929 § 5984; 1919 § 6392; 1909 § 7104

Whenever by this law an officer is required to give any notice
to a company, the same may be given by mailing the same, postage prepaid,
addressed to the company at its home office, or to the secretary, general
agent or chief officer thereof in the United States. (RSMo 1939 § 6103)

Prior revisions: 1929 § 5988; 1919 § 6396; 1909 § 7108

Any person or persons who shall in this state act or assume to
act as agent for any company whose authority to do business in this state
has been suspended or revoked under sections 148.310 to 148.461, while
such suspension or revocation remains in force, or shall neglect or
refuse to comply with any of the foregoing provisions obligatory upon
such person or party, or who shall willfully make a false or fraudulent
statement of the business or condition of his or their company, shall
forfeit and pay the sum of five hundred dollars for each offense; and any
and all fines and forfeitures thus incurred may be recovered in the name
of the state, to the use of the county, city or town, by indictment,
complaint, bill or information, in any court of competent jurisdiction.
(RSMo 1939 § 6101, A.L. 1983 H.B. 713 Revision)

Prior revisions: 1929 § 5986; 1919 § 6394; 1909 § 7106

In any legal contest concerning the amount of tax under sections
148.320, 148.340, and 148.370 for a calendar year, the quarterly
installments for the following year shall continue to be made based upon
the amount assessed by the director of revenue for the year in question.
If after the end of any taxable year, the amount of the actual tax 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 June first. (L. 1982 S.B. 470, A.L. 1986
S.B. 669, et al.)

Farmers' cooperative credit associations, organized under an Act
of Congress known as the Farm Credit Act of 1933 (12 U.S.C.A. { 1131 et
seq.), for the extension of agricultural credit to their members only,
and operating without profit except to the extent that they pay dividends
to members on stock purchased by the members in these associations, are
classified for the purposes of the intangible personal property tax law
as savings and loan associations; and the accounts of these farmers'
cooperative credit associations with their members are classified as
intangible property. There is imposed upon each member of any such
association an annual tax equal to two percent of the taxable portion of
the dividends declared and paid by the association, in the preceding
year, on the stock of the association held by any member, which shall be
the annual yield from the account. The taxable portion of these dividends
shall be that proportion thereof equal to the proportion of the gross
income of the association, for the dividend year, derived from notes and
mortgages to which the association holds legal title, to its entire gross
income. The association shall compute, withhold, and pay to the director
of revenue, on or before the fifteenth day of April of each year, the
amounts of all taxes imposed hereby upon the members of the association,
this payment to be made in one remittance; and the association at its
option may absorb these taxes without charging the same to the accounts
of the individual members. This tax shall be exclusive, and in lieu of
all other taxes upon these associations, their property, capital, or
income, except ad valorem taxes upon real and tangible personal property,
income, Social Security, and unemployment compensation taxes, and upon
the accounts of these associations, except estate taxes. (L. 1961 p. 636
§ 148.521, A.L. 1969 3d Ex. Sess. H.B. 25)

Effective 6-22-70

If any tax due pursuant to section 148.540 is not paid when due,
the association shall be required to pay as part of such tax interest
thereon at the rate determined by section 32.065, RSMo, from and after
such date until paid. (L. 1986 S.B. 669, et al. § 6)

Effective 1-1-87

For the purposes of sections 148.610 to 148.700, providing for
the taxation of credit unions and savings and loan associations, the
following terms mean:

(1) "Association", a savings and loan association or building and loan
association organized under the laws of this state, any other state, or
under the laws of the United States and having an office in this state;

(2) "Credit union", a credit union organized under section 370.010, RSMo,
of the laws of this state or the United States and located within this
state, the principal business of which, during the taxable year,
consisted of receiving the savings of members and making loans to members;

(3) "Director", the director of revenue;

(4) "Income period", the calendar year or relevant portion thereof next
preceding the taxable year;

(5) The term "lease or rental of tangible personal property" means the
lease or rental of tangible personal property under the exclusive control
of the lessee and neither attached to nor functionally a part of a
taxpayer's building or buildings or any part thereof;

(6) "Taxable in another state", a taxpayer is taxable in another state
if, by reason of business activity in another state, it is subject to and
did pay one of the types of taxes specified: a net income tax, a
franchise tax measured by net income, a franchise tax for the privilege
of doing business, or a corporate stock tax. The taxpayer must carry on
business activities in another state. If the taxpayer voluntarily files
and pays one or more of such taxes when not required to do so by the laws
of that state or pays a minimal fee for qualification, organization or
for the privilege of doing business in that state, but does not actually
engage in business activities in that state, and does not have business
facilities in that state or does actually engage in some activity, not
sufficient for nexus, and the minimum tax bears no relation to the
taxpayer's activities with such state, the taxpayer is not taxable in
another state;

(7) "Taxable year", the calendar year in which the tax is payable;

(8) "Taxpayer", any credit union or savings and loan association subject
to any tax imposed by sections 148.600 to 148.710. (L. 1982 H.B. 949 &
1350, A.L. 1993 H.B. 105 & 480, A.L. 2002 S.B. 895)

1. Every taxpayer shall be subject to an annual tax for the
privilege of exercising its corporate franchises within the state
according to and measured by its net income for the preceding year.

2. The rate of tax for each taxable year shall be seven percent of such
net income.

3. The tax imposed on the net income by this law shall be exclusive and
in lieu of all other state and local taxes against and upon credit unions
and associations, their capital, or income, except taxes on all property,
contributions paid pursuant to the unemployment compensation law of
Missouri, Social Security taxes, sales and use taxes.

4. Each taxpayer shall be entitled to credits against the tax imposed by
this law for all taxes paid to the state of Missouri or any political
subdivision thereof during the relevant income period, except taxes on
real estate and tangible personal property owned by the taxpayer and held
for lease or rental to others, contributions paid pursuant to the
unemployment compensation law of Missouri, Social Security taxes, sales
and use taxes, and taxes imposed by this law. (L. 1982 H.B. 949 & 1350,
A.L. 1993 H.B. 105 & 480)

1. "Gross income" shall include all gains, profits, earnings and
other income of the taxpayer from whatever sources derived during the
income period, including but not limited to interest from obligations
issued by the United States government or any political subdivision or
any instrumentality thereof, or any state or political subdivision
thereof, or issued by any foreign country or nation or political
subdivision thereof; all rents, compensation for services, commissions,
brokerage and other fees; all gains or profits from the sale or other
disposition of any property, real or personal, tangible or intangible;
and all recoveries on losses sustained in the ordinary course of business
subsequent to May 25, 1982; provided, however, that recoveries on such
losses sustained during any prior income period within which the
deductions, as permitted by subsection 3 of this section, exceeded the
taxpayer's gross income for said income period, computed in accordance
with this subsection, shall not be included in the taxpayer's gross
income for the income period in which they were received to the extent of
such excess. Interest or dividends received on shares of* stock of any
wholly owned subsidiary of associations or credit unions shall not be
included in gross income.

2. "Net income" means gross income as defined in subsection 1 of this
section minus the deductions allowed in subsection 3 of this section.

3. In computing net income there shall be allowed as deductions all
ordinary and necessary expenses paid or incurred by the taxpayer during
the income period in carrying on its trade or business. Without limiting
the generality of the foregoing, there shall be allowed as deductions a
reasonable allowance for salaries and other compensation for personal
services actually rendered; rents, repairs, bad debts; interest;
dividends; cost of insurance and advertising; all taxes paid or accrued
during the income period to the United States and all taxes paid or
accrued on real estate or tangible personal property owned by the
taxpayer and held for lease or rental to others, to the state of
Missouri, or any political subdivision thereof; all contributions paid or
accrued pursuant to the unemployment compensation law of Missouri;
reasonable allowances for depreciation and depletion; amortization of
premiums on bonds, debentures, notes or other securities or evidences of
indebtedness; a reasonable allowance for payments or contributions to or
on account of any pension or retirement fund or plan for its officers or
employees; contributions to any corporation, association or fund
organized and operated exclusively for religious, charitable, scientific,
literary or educational purposes, no part of the net earnings of which
inure to the benefit of any private shareholder or individual; losses
from the sale or disposition of any property, real or personal, tangible
or intangible; and all other losses sustained during the income period
not compensated for by insurance.

4. Net income shall be computed in accordance with the method of
accounting regularly employed in keeping the books of the taxpayer,
unless such method does not clearly reflect the income, in which case the
computation shall be made in accordance with such method as in the
opinion of the director does clearly reflect the income.

5. When the income of a taxpayer is derived from business activity
conducted within and without this state and the business activity is
taxable in another state, then income shall be apportioned to this state
by multiplying the gross income minus the deduction in subsection 3 of
this section by a fraction, the numerator of which is the sum of the
property factor, the payroll factor, the receivables factor and the
deposits factor, and the denominator of which is four reduced by the
number of factors which have a denominator of zero.

6. For purposes of subsection 5 of this section, the property factor is a
fraction, the numerator of which is the average value of the taxpayer's
real and tangible personal property owned or rented and used in this
state during the income year, and the denominator is the average value of
all the taxpayer's real and tangible personal property owned or rented
and used during the income year. Property owned by the taxpayer shall be
valued at its original cost. Property rented by the taxpayer is valued at
eight times the net annual rental rate. The net annual rental rate is the
total rental rate paid by the taxpayer, less total annual rental rates
received by the taxpayer from subrentals. The average value of property
owned by the taxpayer shall be determined by averaging the values at the
beginning and ending of the income year, but the director of revenue may
require averaging by monthly values if reasonably required to reflect the
average value of the taxpayer's property for the income year.

7. For purposes of subsection 5 of this section, the payroll factor is a
fraction, the numerator of which is the total amount paid in this state
during the income year by the taxpayer for compensation, and the
denominator of which is the total compensation paid everywhere during the
income year by the taxpayer. Compensation is paid in this state if:

(1) The employee's service is performed entirely within this state;

(2) The employee's service is performed both within and without this
state, but the service performed without this state is incidental to the
employee's service within this state; or

(3) The employee's services are performed both within and without this
state, and:

(a) The employee's base of operations is in this state; or

(b) There is no base of operations in any state in which some part of the
service is performed, but the place from which the service is directed or
controlled is in this state; or

(c) The base of operations or the place from which the service is
directed or controlled is not in any state in which some part of the
service is performed but the employee's residence is in this state.

8. For purposes of subsection 5 of this section, the receivables factor
is a fraction, the numerator of which is the average of contract
obligations owing to the taxpayer on an open account held by an office,
facility or branch within this state during the income year, and the
denominator is the average of contract obligations owing to the taxpayer
everywhere during the income year.

9. For purposes of subsection 5 of this section, the deposits factor is a
fraction, the numerator of which is the average of deposits held by an
office, facility or branch of the taxpayer within this state during the
income year, and the denominator of which is the average deposits held
everywhere by the taxpayer during the income year. (L. 1982 H.B. 949 &
1350, A.L. 1993 H.B. 105 & 480)

*Word "or" appears in original rolls.

Every taxpayer shall file a return with the director on or
before the fifteenth day of April in each year. The director may grant a
reasonable extension of time for filing returns under such rules and
regulations as he shall prescribe. Whenever such an extension of time is
granted, a taxpayer shall be required to pay as part of any tax due
interest thereon at the rate determined by section 32.065, RSMo, from and
after such date until paid. (L. 1982 H.B. 949 & 1350, A.L. 1986 S.B. 669,
et al.)

Effective 1-1-87

1. The tax imposed by this chapter shall be due and payable upon
the last day upon which a return must be filed under section 148.640.

2. Upon the filing of such return the full amount of any tax as computed
by the taxpayer shall be paid to the director, who as soon as is
practicable thereafter shall examine it and determine the correct amount
of tax. If the director determines that the taxpayer has paid a tax in
excess of the amount lawfully due, the director shall permit a credit.

3. If any tax due hereunder is not paid when due, the taxpayer shall be
required to pay as part of such tax interest thereon at the rate
determined by section 32.065, RSMo, from and after such date until paid.
(L. 1982 H.B. 949 & 1350, A.L. 1986 S.B. 669, et al.)

Effective 1-1-87

The director of revenue shall deposit promptly all funds
received by him in payment of the tax imposed by sections 148.610 to
148.710 to the credit of the "Savings Association Tax Fund" or "Credit
Union Tax Fund" which funds are hereby created. He shall maintain such
funds in institutions, savings associations and credit unions selected by
him and approved by the governor, state treasurer and state auditor.
Thereafter he shall, until the time set for the distribution of the net
proceeds of the tax, invest all moneys within the fund in the same manner
as state funds not needed for the immediate expenses of the state are
invested; provided, that in all instances in which the state treasurer
may use or invest in banking institutions, the director of revenue may
use or invest in credit unions or in associations. All interest earned
upon the moneys so invested shall be deposited in the respective credit
union or savings associations tax fund and all such interest shall be
returned to the various county treasurers within thirty days of tax
distribution. Each county shall receive that percentage of the total
interest earned as its share of the tax paid bears to the total amount of
the tax received by the director of revenue. A statement of the exact
amount of interest due each political subdivision in such county
determined by the pro rata share of the proceeds of the tax received by
such political subdivision bears to the proceeds of the tax received by
the county shall accompany each payment. (L. 1982 H.B. 949 & 1350)

Effective 5-25-82

The director of revenue shall annually, on or before the
fifteenth day of December, return all savings association and credit
union taxes collected, less two percent thereof which shall be retained
by the state for collection, to the county treasury of the county in
which the particular taxpayer has its office. If any association operates
more than one office or branch in the state of Missouri, the association
shall file the return giving the address of each such office or branch
and setting forth the total dollar amounts of savings accounts, deposits,
or repurchase agreements of each such office. The political subdivisions
within which the said office or offices are situated shall share the tax
hereby imposed upon the same basis that the dollar amounts of the
deposits or accounts bear to the total dollar amount of the deposits or
accounts of the association, and the director of revenue shall allocate
the tax collected accordingly; provided, that if a taxpayer has an office
or offices outside the state of Missouri, the total of the dollar amount
of deposits and accounts at an office or offices outside the state of
Missouri shall be excluded in determining the total deposits and accounts
of the taxpayer. A statement of the exact amount due each political
subdivision as determined by applying the local rates of levy to the
proceeds of the tax shall accompany each payment. The several county
treasurers and the treasurer of St. Louis City are hereby directed to
distribute all amounts so received from the director of revenue according
to the allocations contained in the statements made by the director of
revenue. (L. 1982 H.B. 949 & 1350)

Effective 5-25-82

In the event the tax due by the taxpayer shall not fairly
represent the extent of the taxpayer's business in this state, the
taxpayer may petition for or the director of revenue may require, in
respect to any part of the taxpayer's business activity, if reasonable,
an equitable allocation or apportionment of the taxpayer's income. In the
event the director shall determine that the correct amount of the tax is
greater than that computed by the taxpayer, he shall, upon such
determination, notify the taxpayer thereof by mail and shall fix a time
and a place for a hearing relative thereto not earlier than thirty days
after the date of such determination. Upon such hearing the director
shall make such order as may be lawful, but such taxpayer shall have the
right of appeal from such order as provided by law. (L. 1982 H.B. 949 &
1350)

Effective 5-25-82

Each association and credit union organized under the laws of
this state and each association organized under the laws of the United
States to be located in Missouri, with the date of its certificate of
incorporation, or the date of the completion of the organization thereof,
as the case may be, which are relevantly herein referred to as "its
certificate", subsequent to May 25, 1982, shall be subject to the tax
imposed by this law for the calendar year in which it receives its
certificate and the first taxable year thereafter measured by its net
income as defined in section 148.630, for the portion of the calendar
year unelapsed on the date borne by its certificate with the rate of tax
as provided in section 148.620, and with credit against said tax for all
taxes and contributions for which credit is permitted by section 148.620,
which taxes or contributions are paid during the portion of the calendar
year unelapsed on the date of its certificate. For each other taxable
year each taxpayer in this section referred to shall be subject to all
the provisions of this law. Any tax imposed by this law due for the
calendar year of its certificate shall be payable by each taxpayer to
which this section applies to the director on or before June first of the
year following the year of its certificate, and except as to this
particular the provisions of sections 148.630 to 148.680 and section
148.700 shall be applicable. (L. 1982 H.B. 949 & 1350)

Effective 5-25-82

The director shall prescribe and publish all needed rules and
regulations necessary for the enforcement of sections 148.610 to 148.700.
Insofar as feasible, as may be determined by the director, such rules and
regulations shall be consistent with the rules and regulations prescribed
by the United States Commissioner of Internal Revenue for the enforcement
of the income tax chapter of the Internal Revenue Code. The directors of
division of finance and of credit union supervision shall make available
to the director upon the director's request any report filed by any
taxpayer subject to the tax imposed by sections 148.610 to 148.700, and
such director shall be under the same obligation as to secrecy with
respect thereto as is imposed upon the directors of division of finance
and of credit union supervision, by law. No rule or portion of a rule
promulgated under the authority of this chapter shall become effective
unless it has been promulgated pursuant to the provisions of section
536.024, RSMo. (L. 1982 H.B. 949 & 1350, A.L. 1994 H.B. 1165, A.L. 1995
S.B. 3)

The same penalties shall be assessed against delinquent
taxpayers under the provisions of sections 148.610 to 148.700 as are
provided by sections 143.911, 143.921, and 143.931, RSMo, relating to
income taxes. (L. 1982 H.B. 949 & 1350)

Effective 5-25-82

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