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$5.7 million tax refund for insurance companies denied

Tuesday, November 4, 2008 | 7:47 p.m. CST

JEFFERSON CITY - Missouri does not have to refund more than $5.7 million in taxes paid by eight insurance companies because the firms' request to get their money back didn't arrive on time.

The out-of-state insurance companies each requested refunds from taxes paid in 2004 on premiums collected in Missouri. The deadline for seeking their tax refund fell on a Saturday. The insurance companies' Express Mail request could not be delivered until the following Monday, so the Revenue Department rejected it.

The Missouri Supreme Court upheld that decision Tuesday, in a 7-0 ruling. The high court ruled that no provision allows for an extension in such circumstances if the deadline falls on a Saturday.

 

 


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