Title X — TAXATION AND REVENUE

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

148.020. Definitions. — 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 …

148.030. Banks subject to tax based on income — rate — credits. — 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 fra…

148.031. Substitute bank franchise tax. — 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 whic…

148.040. Definitions and computation of net and gross income. — 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 Un…

148.045. Computation of deduction, taxpayer files consolidated return. — 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 taxe…

148.050. Returns, when filed. — 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)…

148.060. Overpayment, underpayment of tax — failure to file, estimation of tax by director of revenue — notice of deficiency. — 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…

148.062. Franchise tax, administered how. — 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 cha…

148.064. Ordering and limit reductions for certain credits — consolidated return — transfers of credits — effect of repeal of corporation franchise tax — pass through of tax credits by S corporation bank. — 1. Notwithstanding any law to the contrary, this section shall determine …

148.065. Intangible tax fund created — maintenance and investment of fund — distribution of interest income to counties. — 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 intangi…

148.068. Tax assessed, when, supplemental assessment. — 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 o…

148.070. Notice of deficiency, time limitations. — 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…

148.072. Interest, additions to tax, penalties, due when. — 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, an…

148.074. Overpayment of tax, director may credit against other tax liability, when. — 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 i…

148.076. Claims for refund, filed when, how — amount, limitations. — 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…

148.080. Taxes returned to counties — two percent to state — director to allocate. — 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 co…

148.085. Recording and depositing of tax receipts, how. — 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…

148.090. New banks, when taxed — tax, when due. — 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 organiz…

148.095. Banks operating more than one branch or office, returns, how filed — allocation of taxes, how — business outside state, effect of. — 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 su…

148.097. Taxpayer in other state taxable, when — apportionment of income, manner — property factor, defined — payroll factor, defined — deposits factor, defined. — 1. A taxpayer is taxable in another state if, by reason of business activity in another state, it is subject to and …

148.100. Director to prescribe and publish rules and regulations — access to records. — 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 and section 148.700. Insofar as feasible, …

148.110. Tax in lieu of other taxes. — 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 per…

148.112. Distribution of franchise tax credit for bank S corporation shareholders. — 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…

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

148.130. Definition of terms. — 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 ha…

148.140. Credit institutions subject to annual tax — rate — credits. — 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 p…

148.150. Net income and gross income defined — how computed. — 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 t…

148.160. Returns, when filed — extension of time — interest. — 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 h…

148.170. Taxpayer with more than one office, returns of. — 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 i…

148.180. Tax due, when — credit for overpayment — penalty for nonpayment. — 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…

148.190. Notice to taxpayer of increase of tax — review of director's determination. — 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 …

148.200. Director to prescribe necessary rules and regulations — access to records. — 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 and section 148.700. Insofar as feasible, as…

148.210. Credit institution subject to tax for year in which franchise is received. — 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 certi…

148.230. Tax in lieu of certain other taxes. — 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 secti…

148.310. Real and tangible personal property to be assessed and taxed under general laws. — 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…

148.320. Tax on premiums of domestic stock companies — rate — credits. — Every stock insurance company organized under the provisions of sections 379.010 to 379.203 shall quarterly pay a tax upon the direct premiums received during the calendar year, whether in cash or notes, in …

148.330. Returns, assessment of tax, procedure — notice to company — taxes, how paid — suspension of delinquents, apportionment of money — county, defined. — 1. Every such company shall, on or before the first day of March in each year, make a return, verified by the affidavit of…

148.340. Tax on premiums of foreign companies. — 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…

148.350. Returns, assessment of tax, procedure — notice to company — taxes, how paid — suspension of delinquents — disposition of money. — 1. Every such company or association shall, on or before the first day of March in each year, make a return, verified by the affidavit of its…

148.360. County foreign insurance tax money distributed to school districts. — 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…

148.370. Insurance companies, tax on premiums — rate — credit. — 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 38…

148.375. Delinquent taxes, interest, rate. — 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 from such time.…

148.376. Extended Missouri mutual insurance companies, premiums — tax — rate — payable when — delinquencies, distribution. — 1. Every company operating under the provisions of sections 380.201 to 380.591 shall quarterly pay a tax upon the direct premiums or assessments received d…

148.380. Returns, assessment of tax, procedure — notice to company — taxes, how paid — suspension of delinquents — disposition of money. — 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 s…

148.390. Deductions allowed on premium receipts. — 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 individu…

148.400. Deductions allowed insurance companies. — 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…

148.410. Director to assess tax where no return made. — 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 commerce and insurance shall certify the amount of tax to the direct…

148.420. Director of revenue to collect annual tax when company withdraws from Missouri or fails to pay tax. — 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 …

148.430. Director of revenue may sue for taxes when company withdraws or is suspended. — 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 w…