375.774. Certificate of contribution, issued when, shown as asset by insurer, when--tax credit allowed to insurer, when--association exempt from taxes.

MISSOURI STATUTES AND CODES

375.774. Certificate of contribution, issued when, shown as asset by insurer, when--tax credit allowed to insurer, when--association exempt from taxes.

Certificate of contribution, issued when, shown as asset by insurer,when--tax credit allowed to insurer, when--association exempt fromtaxes.

375.774. 1. The association shall issue to each insurer paying anassessment under sections 375.771 to 375.779 a certificate of contribution,in appropriate form and terms as prescribed by the director, for the amountso paid. All outstanding certificates shall be of equal dignity andpriority without reference to amounts or dates of issue.

2. A certificate of contribution may be shown by the insurer in itsfinancial statements as an admitted asset for such amount and period oftime, as follows:

(1) One hundred percent for the calendar year of issuance;

(2) Sixty-six and two-thirds percent for the first calendar yearafter the year of issuance;

(3) Thirty-three and one-third percent for the second year after theyear of issuance which shall be the last year each such certificate shallbe carried as an asset.

3. The insurer shall be entitled to a credit against the premium taxliability under sections 148.310 to 148.461, RSMo, for contributions paidto the association. This tax credit shall be taken over a period of thethree successive tax years beginning after the year of contribution at therate of thirty-three and one-third percent, per year, of the contributionpaid to the association, and such credit shall not be subject to subsection1 of section 375.916.

4. Any sums recovered by the association representing sums which havetheretofore been written off by contributing insurers and offset againstpremium taxes as provided in subsection 3 of this section shall be paid bythe association to the director of revenue who shall handle such funds inthe same manner as provided in section 148.380, RSMo.

5. The association shall be exempt from payment of all fees and allcapitation or poll and excise taxes levied by this state or any of itspolitical subdivisions and the real and personal property of theassociation is hereby declared to be property actually and regularly usedexclusively for purposes purely charitable and not held for private orcorporate profit within the meaning of subdivision (5) of section 137.100,RSMo 1986.