376.980. Pool member exempt from taxation of financial institution, may be allowed to offset against sales or use tax, when--excess of assessment over sales or use tax payable in any one year a credit - Missouri Statutes

Pool member exempt from taxation of financial institution, maybe allowed to offset against sales or use tax, when--excess ofassessment over sales or use tax payable in any one year a creditsucceeding years until excess is exhausted.

376.980. Each pool member exempt from chapter 148, RSMo, shall beallowed to offset against any sales or use tax on purchases due, paid, orpayable in the calendar year in which such assessments are made. Further,such assessment, for any fiscal year, shall not exceed one percent of nongrouppremium income, exclusive of Medicare supplement programs, received in theprevious year. If the assessment exceeds the part of any sales tax or use taxdue or payable in such year, the excess shall be a credit or offset carriedforward against the part of any sales tax or use tax due or payable insucceeding years until the excess is exhausted. The director of revenue, inconsultation with the board, shall promulgate and enforce reasonable rules andregulations and prescribe forms for the administration and enforcement of thislaw.

(L. 1990 H.B. 998 § 5 subsec. 5 subdiv. (2))

Effective 1-1-91