MS HB788

Requires insurance companies to file four periodic estimated tax returns and make payments to the Department of Revenue based on a percentage of estimated annual insurance premium tax liability (1/4, 1/6, 1/12, and 1/4 respectively).

Establishes due dates for estimated payments: April 20, June 20, July 20, and October 20 for the four reporting periods, with a final reconciliation return and payment due March 1 for the remainder of actual liability.

Imposes a 10% penalty plus 1% monthly interest for failure to file required returns or make payments by the due dates.

Imposes a 10% penalty plus 1% monthly interest on insurance companies that underestimate estimated payments by more than 10% in any of the four reporting periods.

Effective January 1, 2014.