MS SB2024

Authorizes insurance companies to make four periodic estimated tax payments plus a final reconciliation payment for annual insurance premium tax liability instead of the previous reporting structure.

Establishes specific reporting periods and payment percentages: 1/4 of estimated tax due April 20, 1/6 due June 20, 1/12 due July 20, 1/4 due October 20, with final balance due March 1.

Imposes a 10% penalty plus 1% monthly interest for failure to file required returns or make timely payments.

Imposes a 10% penalty plus 1% monthly interest for underestimating estimated tax payments by more than 10% during the first four reporting periods.

Takes effect January 1, 2014, and delegates enforcement authority to the Department of Revenue.