Missouri Revised Statutes Title XXV. Incorporation and Regulation of Certain Utilities and Carriers § 393.400. Regulatory asset or liability accounts--corporations to defer portion of local property taxes to account, how calculated--rate base adjustment, when

1. The provisions of section 386.020 defining words, phrases, and terms shall apply to and determine the meaning of all such words, phrases, or terms as used in this section.

2. Electrical corporations, gas corporations, sewer corporations, and water corporations shall defer to a regulatory asset or liability account any difference in state or local property tax expenses actually incurred, and those on which the revenue requirement used to set rates in the corporation's most recently completed general rate proceeding was based. The regulatory asset or liability account balances shall be included in the revenue requirement used to set rates through an amortization over a reasonable period of time in such corporation's subsequent general rate proceedings. The commission shall also adjust the rate base used to establish the revenue requirement of such corporation to reflect the unamortized regulatory asset or liability account balances in such general rate proceedings. Such expenditures deferred under the provisions of this section are subject to commission prudence review in the next general rate proceeding after deferral.