Home -> Law Blog Directory -> State Law Blogs -> Showmeblawgs

State Law

: Showmeblawgs

By stan_sipple

Missouri Supreme Court affirms reduction of corporate taxpayers interest claim on tax over payments by nearly 1/3 when Missouri Legislature approved revamped interest provisions on tax over payments before the taxpayer won its case. Kidde America, Inc., and subsidiaries, Appellant v. Director of Revenue, Respondent.: SC88482 taxpayer won its case in 2006 to file consolidated tax returns. See Kidde America, Inc. v. Director of Revenue, 198 S.W.3d 153 (Mo. banc 2006). As a result it was able to claim an overpayment of over $5million. The taxpayer also claimed $1.8 million of interest on its overpayment but the Missouri Director of Revenue allowed only about $1.2 million. Missouri Supreme Court approves Director's lower interest allowance because specific overpayment interest provision of 32.069 RS Mo controlled {interest on over payments more than 120 days past due} over 143.811. 1 {general rule on over payments}. Because 32.069 controlled, the much lower rate provision from 32.068 applied.

Full post as published by Showmeblawgs on January 20, 2008 (boomark / email).