§ 27-34.3-13 - Credits for assessments paid (tax offsets).
SECTION 27-34.3-13
§ 27-34.3-13 Credits for assessments paid(tax offsets). – (a) A member insurer may offset against its premium, franchise or income taxliability (or liabilities) to this state an assessment described in §27-34.3-9(h) to the extent of ten percent (10%) of the amount of the assessmentfor each of the five (5) calendar years following the year in which theassessment was paid. In the event a member insurer should cease doing business,all uncredited assessments may be credited against its premium, franchise, orincome tax liability (or liabilities) for the year it ceases doing business.
(b) Any sums which are acquired by refund, pursuant to §27-34.3-9(f), from the association by member insurers, and which have beenoffset against premium, franchise or income taxes as provided in subsection (a)of this section, shall be paid by the insurers to this state in any manner thatthe tax authorities may require. The association shall notify the commissionerthat refunds have been made.