Tax returns
Insurance companies and self-insurers that cover workers' compensation have to file a yearly report showing how much money they took in. They pay taxes on that money in four payments spread across the year, plus a fifth payment to settle up any difference. The money collected goes into a special fund that pays for workers' compensation — helping workers hurt on the job and covering their medical recovery. That money can only be used for those purposes and cannot be moved into the state's general money pot.
287.710. Tax s — payments — use of — s and interest not to . — 1. Every such or , on or before the first day of March of each year, shall make a return, by the of its president and or other chief officers or agents, to the , stating the amount of all such or and s during the year ending on the thirty-first day of December, next preceding.
2. The amount of the tax due for each shall be paid in four approximately equal estimated , and a fifth . The first four shall be based upon the of the current calendar year's tax rate to the for the immediately preceding ending on the thirty-first day of December, next preceding. The quarterly installments shall be made on the first day of March, the first day of June, the first day of September and the first day of December. Immediately after receiving from the director of the department of commerce and insurance of the amount of tax due from the various companies or , the shall notify and each company or self-insurer the amount of taxes on its for the calendar year ending on the thirty-first day of December, next preceding. The director of revenue shall also notify and assess each company or self-insurer the amount of the estimated quarterly installments to be made for the calendar year. If the amount of the actual tax due for any year exceeds the total of the installments made for such year, the balance of the tax due shall be paid on the first day of June of the year following, together with the regular quarterly payment due at that time. If the total amount of the tax actually due is less than the total amount of the installments actually paid, the amount by which the amount paid exceeds the amount due shall be credited against the tax for the following year and deducted from the quarterly installment otherwise due on the first day of June. If the March first quarterly installment made by a company or self-insurer is less than the amount assessed by the director of revenue, the difference will be due on June first, but no interest will to the state on the difference unless the amount paid by the company or self-insurer is less than eighty percent of one-fourth of the total amount of tax assessed by the director of revenue for the immediately preceding taxable year.
3. Upon the receipt of the returns and by the of the as to the percent of tax to be imposed, the director of the department of commerce and insurance shall the amount of tax due from the various or self-insurers on the basis and at the rate provided in section 287.690, and make a thereof, duplicate copies of which, properly by the director, shall be filed in the offices of the revenue , the , and the division of workers' compensation on or before the thirtieth day of April of each year. If the taxes provided for in this section are not paid, the shall certify the fact to the director of the department of commerce and insurance who shall thereafter the s of insurance or self-insurers from the further transaction of business in this state until the taxes are paid.
4. Upon receipt of the money all such moneys shall be deposited to the credit of the fund for the support of the division of workers' compensation.
5. The tax collected for implementing the , and any interest thereon, under the police power of the state from those specified in sections 287.690, 287.715, and 287.730 shall be used for the purpose of making effective the law to relieve victims of industrial injuries from having individually to bear the of misfortune or becoming charges upon society and for the further purpose of providing for the of the victims of industrial injuries, and for no other purposes. It is hereby made the express duty of every person exercising any official or responsibility in and for the state of Missouri sacredly to and preserve all funds collected, and any interest accruing thereon, under and by virtue of sections 287.690, 287.715, and 287.730 for the purposes hereinabove declared.
6. The funds created by virtue of sections 287.220, 287.690, 287.715, and 287.730 shall be from the of section 33.080, specifically as they relate to the of fund balances and any interest thereon to the ordinary revenue, and the director of the division of workers' compensation may direct the state treasurer to invest all or part of these funds in interest-bearing accounts as provided in Article IV, Section 15 of the Constitution of the State of Missouri, and any unexpended balance in the at the end of any shall be a credit in the second injury fund and shall be the amount of the fund at the beginning of the 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
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Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.