376.745. Assessments, offset against tax liability, when, how. - Missouri Statutes

Assessments, offset against tax liability, when, how.

376.745. 1. A member insurer may offset against itspremium tax liability to this state an assessment described insection 376.738 to the extent of twenty percent of the amount ofsuch assessment for each of the five calendar years followingthe year in which such assessment was paid. In the event amember insurer should cease doing business, all uncreditedassessments may be credited against its premium tax liabilityfor the year it ceases doing business.

2. A member insurer exempt from chapter 148, RSMo, mayoffset against its sales or use tax liability to this state anassessment described in section 376.738 to the extent of twentypercent of the amount of such assessment for each of the fivecalendar years following the year in which such assessment waspaid. In the event a member insurer should cease doingbusiness, all uncredited assessments may be credited against itssales or use tax liability for the year it ceases doingbusiness.

3. Any sums which are acquired by refund, pursuant to theprovisions of section 376.738, from the association by memberinsurers, and which have theretofore been offset against premiumtaxes as provided in subsection 1 of this section or havetheretofore been offset against sales or use taxes as providedin subsection 2 of this section, shall be paid by such insurersto this state in such manner as the tax authorities may require.The association shall notify the director that such refunds havebeen made.

(L. 1988 S.B. 430 § 26)