Missouri Code of State Regulations
Title 12 - DEPARTMENT OF REVENUE
Division 10 - Director of Revenue
Chapter 10 - Financial Institutions
Section 12 CSR 10-10.145 - Refund of Overpayment of Bank Tax-Refund From Other County

Universal Citation: 12 MO Code of State Regs 10-10.145

Current through Register Vol. 49, No. 18, September 16, 2024

PURPOSE: This rule establishes an effective date and period for which bank franchise tax refunds may be issued, as provided by sections 148.050, 148.062 and 148.076, RSMo.

(1) This rule shall only apply for the purpose of refunds of overpayments of taxes paid pursuant to section 148.030, RSMo.

(2) Credits will be allowed for credits approved by the director for taxable years prior to 1987.

(3) Interest will be allowed on any overpayments at a rate in accordance with section 143.811, RSMo if the overpayment is not refunded within one hundred twenty (120) days of the due date or date the return was filed, whichever occurs later.

(A) Interest shall be allowed on any overpayment resulting from the filing of an amendment of the tax by the taxpayer for taxable year 1987 and after that on or before the last day prescribed for filing of the return without regard for any extension of time at the rate established by section 143.811, RSMo.

(B) Interest shall be allowed on any overpayment where the overpayment resulted from filing of an amendment of tax by the taxpayer for taxable year 1987 and after that following the last date prescribed for the filing of the return at the rate of six percent (6%) per annum.

(C) No interest shall be allowed if the overpayment of tax is refunded within one hundred twenty (120) days after the last date prescribed or permitted by extension of time for filing the return.

(4) For purposes of this rule, the last day prescribed for filing shall be April 15 of the taxable year.

(5) Overpayments resulting from the calculation of tax in accordance with section 148.030.2(1), RSMo will be refunded from the General Revenue Fund, plus any applicable interest.

(6) Overpayments resulting from the calculation of tax in accordance with section 148.030.2(2), RSMo will be refunded if funds are available from the political subdivision(s) in which the institution is located. If funds are not available, the institution will be given a credit or it must apply for a refund of the overpayment from the political subdivision(s) in which the institution is located.

(7) All refunds or credits resulting from overpayments must be approved by the department before the refund or credit can be issued.

*Original authority: 148.100, RSMo 1945.

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