287.710. Tax returns--payments--use of proceeds--funds and interest not to lapse. - Missouri Statutes

Tax returns--payments--use of proceeds--funds and interest not tolapse.

287.710. 1. Every such insurance carrier or self-insurer, on or beforethe first day of March of each year, shall make a return, verified by theaffidavit of its president and secretary or other chief officers or agents, tothe director of the department of insurance, financial institutions andprofessional registration, stating the amount of all such gross premiums ordeposits and credits during the year ending on the thirty-first day ofDecember, next preceding.

2. The amount of the tax due for each calendar year shall be paid infour approximately equal estimated quarterly installments, and a fifthreconciling installment. The first four installments shall be based upon theapplication of the current calendar year's tax rate to the premium for theimmediately preceding taxable year ending on the thirty-first day of December,next preceding. The quarterly installments shall be made on the first day ofMarch, the first day of June, the first day of September and the first day ofDecember. Immediately after receiving certification from the director of thedepartment of insurance, financial institutions and professional registrationof the amount of tax due from the various companies or self-insurers, thedirector of revenue shall notify and assess each company or self-insurer theamount of taxes on its premiums for the calendar year ending on thethirty-first day of December, next preceding. The director of revenue shallalso notify and assess each company or self-insurer the amount of theestimated quarterly installments to be made for the calendar year. If theamount of the actual tax due for any year exceeds the total of theinstallments made for such year, the balance of the tax due shall be paid onthe first day of June of the year following, together with the regularquarterly payment due at that time. If the total amount of the tax actuallydue is less than the total amount of the installments actually paid, theamount by which the amount paid exceeds the amount due shall be creditedagainst the tax for the following year and deducted from the quarterlyinstallment otherwise due on the first day of June. If the March firstquarterly installment made by a company or self-insurer is less than theamount assessed by the director of revenue, the difference will be due on Junefirst, but no interest will accrue to the state on the difference unless theamount paid by the company or self-insurer is less than eighty percent ofone-fourth of the total amount of tax assessed by the director of revenue forthe immediately preceding taxable year.

3. Upon the receipt of the returns and verification by the director ofthe division of workers' compensation as to the percent of tax to be imposed,the director of the department of insurance, financial institutions andprofessional registration shall certify the amount of tax due from the variousinsurance carriers or self-insurers on the basis and at the rate provided insection 287.690, and make a schedule thereof, duplicate copies of which,properly certified by the director, shall be filed in the offices of therevenue department, the state treasurer, and the division of workers'compensation on or before the thirtieth day of April of each year. If thetaxes provided for in this section are not paid, the department of revenueshall certify the fact to the director of the department of insurance,financial institutions and professional registration who shall thereaftersuspend the delinquent carriers of insurance or self-insurers from the furthertransaction of business in this state until the taxes are paid.

4. Upon receipt of the money all such moneys shall be deposited to thecredit of the fund for the support of the division of workers' compensation.

5. The tax collected for implementing the workers' compensation fund,and any interest accruing thereon, under the police power of the state fromthose specified in sections 287.690, 287.715, and 287.730 shall be used forthe purpose of making effective the law to relieve victims of industrialinjuries from having individually to bear the burden of misfortune or becomingcharges upon society and for the further purpose of providing for the physicalrehabilitation of the victims of industrial injuries, and for no otherpurposes. It is hereby made the express duty of every person exercising anyofficial authority or responsibility in and for the state of Missouri sacredlyto safeguard and preserve all funds collected, and any interest accruingthereon, under and by virtue of sections 287.690, 287.715, and 287.730 for thepurposes hereinabove declared.

6. The funds created by virtue of sections 287.220, 287.690, 287.715,and 287.730 shall be exempt from the provisions of section 33.080, RSMo,specifically as they relate to the transfer of fund balances and any interestthereon to the ordinary revenue, and the director of the division of workers'compensation may direct the state treasurer to invest all or part of thesefunds in interest-bearing accounts as provided in article IV, section 15 ofthe Constitution of the state of Missouri, and any unexpended balance in thesecond injury fund at the end of any appropriation period shall be a credit inthe second injury fund and shall be the amount of the fund at the beginning ofthe appropriation period next immediately following.

(RSMo 1939 § 3757, A.L. 1945 p. 1996, A.L. 1953 p. 524, A.L. 1955 p. 590, A.L. 1967 p. 392, A.L. 1971 H.B. 321, A.L. 1977 H.B. 182, A.L. 1980 H.B. 1396, A.L. 1982 S.B. 470, A.L. 1986 S.B. 545, A.L. 1987 H.B. 564, A.L. 1988 H.B. 1244, A.L. 1993 S.B. 251, A.L. 2005 S.B. 1 & 130)

Prior revision: 1929 § 3367