reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 147 - Corporation Franchise Tax › Section 147.050 - Corporations with no shares to report to director of revenue, when, content.

Title X TAXATION AND REVENUE
Chapter 147
• Effective - 28 Aug 2018, 2 histories
147.050. Corporations with no shares to report to director of revenue, when, content. —
1. For each taxable year beginning on or after January 1, 1980, but before January 1, 2016, every corporation organized pursuant to any laws of this state and every foreign corporation engaged in business in this state and having no shares shall make a report in writing to the director of revenue, annually, on or before the fifteenth day of the fourth month of the corporation's taxable year, in the form as the director of revenue may prescribe.
2. The report shall be signed by an officer of the corporation, and forwarded to the director of revenue.
3. Every corporation having a transitional year and coming under the provisions of this section shall make the report required in this section on or before the fifteenth day of April, 1980.
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(RSMo 1939 § 5116, A.L. 1943 p. 410 § 138, A.L. 1945 p. 711, A.L. 1969 p. 257, A.L. 1979 H.B. 773, A.L. 1987 H.B. 349, A.L. 1999 H.B. 516, A.L. 2018 S.B. 975 & 1024 Revision)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 147 - Corporation Franchise Tax › Section 147.090 - Taxes and penalties shall be first lien.

Title X TAXATION AND REVENUE
Chapter 147
• Effective - 28 Aug 1943
147.090. Taxes and penalties shall be first lien. —
The taxes and penalties to be paid by the provisions of this chapter shall be a first lien on all property and assets of the corporation within this state.
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(RSMo 1939 § 5119, A.L. 1943 p. 410 § 141)
Prior revisions: 1929 § 4647; 1919 § 9842
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 147 - Corporation Franchise Tax › Section 147.100 - Director of revenue, may request information, when — administrative hearing commission, review of tax levy.

Title X TAXATION AND REVENUE
Chapter 147
• Effective - 01 Jan 2000, see footnote
147.100. Director of revenue, may request information, when — administrative hearing commission, review of tax levy. —
If any corporation fails or refuses to make full and complete answers to the questions contained in the report required to be filed by it, or if the director of revenue finds that any answer contained in such report is untrue, or if the director has reason to believe that any corporation has made a false statement or concealed any facts which are material in determining the amount of tax for which such corporation is liable pursuant to the provisions of sections 147.010 to 147.120, then the director may require the delinquent corporation, its officers, agents, or employees to furnish information concerning its shares which is necessary in determining the tax to be paid by it. Any corporation may seek a review of the determination of the tax due by the administrative hearing commission.
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(RSMo 1939 § 5123, A.L. 1943 p. 410 § 145, A.L. 1945 p. 711, A.L. 1949 S.B. 1030, A.L. 1978 S.B. 661, A.L. 1979 H.B. 773, A.L. 1987 H.B. 349, A.L. 1999 H.B. 516)
Prior revisions: 1929 § 4651; 1919 § 9846
Effective 1-1-00
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.010 - Title of law.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1945
148.010. Title of law. —
Sections 148.010 to 148.110 may be designated as the "Bank Tax Law of 1946".
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(L. 1945 p. 1921 § 1)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.020 - Definitions.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 2002
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 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.
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(L. 1945 p. 1921 § 2, A.L. 1993 H.B. 105 & 480, A.L. 2002 S.B. 895)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.030 - Banks subject to tax based on income — rate — credits.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 01 Jan 1988, see footnote
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 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;
(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. 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 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.
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(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
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.031 - Substitute bank franchise tax.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1998
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 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;
(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.
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(L. 1998 S.B. 792 § 1)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.045 - Computation of deduction, taxpayer files consolidated return.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.050 - Returns, when filed.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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.
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(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
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.060 - Overpayment, underpayment of tax — failure to file, estimation of tax by director of revenue — notice of deficiency.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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(L. 1945 p. 1921 § 7, A.L. 1982 H.B. 1351, et al., A.L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.062 - Franchise tax, administered how.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 chapter 143: subsection 1 of section 143.551, subsection 4 of section 143.551, 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, subsection 1 of section 143.741, subsection 1 of section 143.751, subsection 2 of section 143.751, subsection 5 of section 143.751, sections 143.771 and 143.791, subsection 1 of section 143.811, subsection 2 of section 143.811, subsection 4 of section 143.811, sections 143.831, 143.841, and 143.851, subsection 2 of section 143.861, subsection 3 of section 143.861, and sections 143.971 and 143.986.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.065 - Intangible tax fund created — maintenance and investment of fund — distribution of interest income to counties.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1986
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 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.
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(L. 1969 3d Ex. Sess. H.B. 25, Repealed L. 1986 H.B. 1195, A.L. 1986 S.B. 669, et al.)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.068 - Tax assessed, when, supplemental assessment.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.070 - Notice of deficiency, time limitations.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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(L. 1945 p. 1921 § 8, A.L. 1978 S.B. 661, A.L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.072 - Interest, additions to tax, penalties, due when.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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, 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.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.074 - Overpayment of tax, director may credit against other tax liability, when.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.076 - Claims for refund, filed when, how — amount, limitations.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.080 - Taxes returned to counties — two percent to state — director to allocate.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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(L. 1945 p. 1921 § 10, A.L. 1969 3d Ex. Sess. H.B. 25, A.L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.085 - Recording and depositing of tax receipts, how.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 136.110.
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(L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.090 - New banks, when taxed — tax, when due.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1949
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 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.
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(L. 1945 p. 1921 § 9, A. 1949 H.B. 2161)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.095 - Banks operating more than one branch or office, returns, how filed — allocation of taxes, how — business outside state, effect of.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 15 May 1986, see footnote
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 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.
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(L. 1983 H.B. 565 § 1, A.L. 1986 H.B. 1195)
Effective 5-15-86
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.100 - Director to prescribe and publish rules and regulations — access to records.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 06 Jul 1994, see footnote
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, 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.
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(L. 1945 p. 1921 § 6, A.L. 1994 H.B. 1165)
Effective 7-6-94
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.110 - Tax in lieu of other taxes.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1972
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 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.
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(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.).
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.112 - Distribution of franchise tax credit for bank S corporation shareholders.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1999
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 against such shareholder's state income tax return, as provided in section 143.471. 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.
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(L. 1999 S.B. 386 § 1)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.120 - Title of law.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1945
148.120. Title of law. —
Sections 148.120 to 148.230 may be designated as the "Credit Institutions Tax Law of 1946".
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(L. 1945 p. 1937 § 1)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.130 - Definition of terms.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1945
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 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.
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(L. 1945 p. 1937 § 2)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.140 - Credit institutions subject to annual tax — rate — credits.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1949
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 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.
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(L. 1945 p. 1937 § 3, A. 1949 S.B. 1031)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.160 - Returns, when filed — extension of time — interest.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1982
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 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 from the day when such return should have been filed if no such extension had been granted.
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(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.)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.170 - Taxpayer with more than one office, returns of.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1945
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 in the ratio that the gross receipts of each office bears to the total gross receipts of taxpayer.
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(L. 1945 p. 1937 § 10)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.180 - Tax due, when — credit for overpayment — penalty for nonpayment.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1982
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 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 from such time.
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(L. 1945 p. 1937 § 7, A.L. 1982 H.B. 1351, et al.)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.190 - Notice to taxpayer of increase of tax — review of director's determination.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1978
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 by mail. The taxpayer may seek review of the determination of the director of revenue by the administrative hearing commission.
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(L. 1945 p. 1937 § 8, A.L. 1978 S.B. 661)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.200 - Director to prescribe necessary rules and regulations — access to records.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 06 Jul 1994, see footnote
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 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.
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(L. 1945 p. 1937 § 6, A.L. 1994 H.B. 1165)
Effective 7-6-94
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.210 - Credit institution subject to tax for year in which franchise is received.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1945
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 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.
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(L. 1945 p. 1937 § 9)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.230 - Tax in lieu of certain other taxes.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1945
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 sections and for all property taxes on the shares of such credit institution.
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(L. 1945 p. 1937 § 12)
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.310 - Real and tangible personal property to be assessed and taxed under general laws.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1945
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 the payment thereof and the distribution of the amounts received shall be in the manner provided by the general revenue laws of this state.
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(RSMo 1939 § 6092, A.L. 1945 p. 1024)
CROSS REFERENCE:
Director of the department of commerce and insurance or director of revenue may make supplemental assessment, when, 374.245
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.320 - Tax on premiums of domestic stock companies — rate — credits.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1982
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 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 cancelled or returned premiums, actually paid during the year in this state.
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(RSMo 1939 § 6091, A.L. 1947 V. II p. 271, A.L. 1971 S.B. 171, A.L. 1982 S.B. 470)
CROSS REFERENCE:
Portion of tax collected transferred to senior services growth and development program fund, 192.385
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.340 - Tax on premiums of foreign companies.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 28 Aug 1983
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 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 cancelled 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.
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(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, 375.916
Foreign stipulated premium plan companies, taxation of, 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).
(2008) Direct premium tax is constitutional and applies to payments which life insurance company receives on stop-loss insurance policies sold to employers who maintain self-funded health benefit plans. American National Life Insurance Co. v. Director of Revenue, 269 S.W.3d 19 (Mo.banc).
2023 Missouri Revised Statutes › Title X - Taxation and Revenue › Chapter 148 - Taxation of Financial Institutions › Section 148.360 - County foreign insurance tax money distributed to school districts.

Title X TAXATION AND REVENUE
Chapter 148
• Effective - 01 Jul 2006, see footnote
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 districts under section 163.031.
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(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 7-01-06