PURPOSE: This rule provides guidance as to the interest rate applicable to delinquent insurance premium and retaliatory taxes.

1. (1) The delinquent interest computations for all quarterly payments and returns which are due under sections 148.310–148.460, RSMo will be calculated at a rate determined by section 32.065, RSMo as provided by section 148.375, RSMo and set out in 12 CSR 10- 41.010. The delinquent rate will be computed for each month the return is late, or fraction of a month, until the time the tax liability is paid in full.

2. (2) Insurance companies which have paid delinquent interest, underpayment penalties for taxes due under sections 148.310– 148.460, RSMo, or both, as required by section 148.461(1) RSMo, are entitled to a credit, refund, or both, for the difference in the higher rate charged under section 148.461(1), RSMo versus section 32.065, RSMo.

   1. (A) Annual Delinquent Interest Rate.

      Refundable

Year 148.640 32.065 Difference

1985 18% 13% 5% 1984 18% 12% 6% 1983 18% 14% 4%

Note: Rates quoted are annual; to obtain monthly rates, divide the applicable percentage by 12.

1. (3) Claims for refunds must be filed within two (2) years from the date of payment in accordance with section 136.035, RSMo (refund statute) on forms prescribed by the director of revenue.

AUTHORITY: section 136.120, RSMo 1986.* Emergency rule filed Oct. 17, 1985, effective Oct. 27, 1985, expired Feb. 24, 1986. Original rule filed Oct. 17, 1985, effective Jan. 26, 1986. *Original authority: 136.120, RSMo 1945.