| 17 | 17 | | |
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| 18 | 18 | | Referred to Committee on FINANCE, REVENUE AND BONDING |
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| 19 | 19 | | |
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| 20 | 20 | | Introduced by: |
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| 21 | 21 | | |
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| 22 | 22 | | (FIN) |
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| 23 | 23 | | |
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| 24 | 24 | | AN ACT CONCERNING INSURANCE TAX PROVISIONS. |
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| 25 | 25 | | |
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| 26 | 26 | | Be it enacted by the Senate and House of Representatives in General Assembly convened: |
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| 27 | 27 | | |
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| 28 | 28 | | Section 1. Subsection (b) of section 38a-91nn of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2013): |
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| 29 | 29 | | |
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| 30 | 30 | | (b) Each captive insurance company shall pay to the Commissioner of Revenue Services, [in the month of March] on or before March first of each year, a tax at the rate of (1) two hundred fourteen thousandths of one per cent on the first twenty million dollars, (2) one hundred forty-three thousandths of one per cent on the next twenty million dollars, (3) forty-eight thousandths of one per cent on the next twenty million dollars, and (4) twenty-four thousandths of one per cent on each dollar thereafter, on assumed reinsurance premiums collected or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending December thirty-first next preceding, provided no tax under this subsection shall apply to premiums for risks or portions of risks that are subject to taxation on a direct basis pursuant to subsection (a) of this section. No tax under this subsection shall be payable in connection with the receipt of assets in exchange for the assumption by a captive insurance company of loss reserves and other liabilities of another insurer under common ownership and control, if such transaction is part of a plan to discontinue the operations of such other insurer and if the intent of the parties to such transaction is to renew or maintain such business with the captive insurance company. |
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| 31 | 31 | | |
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| 32 | 32 | | Sec. 2. Section 12-204f of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2013, and applicable to estimated tax payments for calendar years commencing on and after January 1, 2014): |
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| 33 | 33 | | |
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| 34 | 34 | | (a) If any domestic insurance company has paid as an installment of estimated tax an amount in excess of the amount determined to be the correct amount of such installment, such amount shall be credited against any unpaid installment or against the tax. If the amount already paid, whether or not on the basis of installments, exceeds the amount determined to be the correct amount of the tax, such company shall be paid by the State Treasurer, upon order of the Comptroller, the amount of such overpayment. [The commissioner may prescribe regulations providing for the crediting against the estimated tax for any taxable year of the amount determined to be an overpayment of the premium tax for a preceding taxable year.] |
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| 35 | 35 | | |
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| 36 | 36 | | (b) If a domestic insurance company has filed its tax return under this chapter for the calendar year on or before the due date of such return or, if an extension of time to file has been requested and granted, on or before the extended due date of such return, any overpayment reported on such return, if the company has elected to credit such overpayment against the company's estimated tax for the succeeding calendar year, shall be treated as if paid on the due date of the first required installment of estimated tax for such succeeding calendar year. Such overpayment shall be credited against the otherwise unpaid required installments in the order in which such installments are required to be paid under section 12-204c. |
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| 37 | 37 | | |
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| 38 | 38 | | |
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| 39 | 39 | | |
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| 40 | 40 | | |
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| 41 | 41 | | This act shall take effect as follows and shall amend the following sections: |
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| 42 | 42 | | Section 1 July 1, 2013 38a-91nn(b) |
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| 43 | 43 | | Sec. 2 July 1, 2013, and applicable to estimated tax payments for calendar years commencing on and after January 1, 2014 12-204f |
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| 44 | 44 | | |
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| 45 | 45 | | This act shall take effect as follows and shall amend the following sections: |
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| 46 | 46 | | |
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| 47 | 47 | | Section 1 |
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| 48 | 48 | | |
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| 49 | 49 | | July 1, 2013 |
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| 50 | 50 | | |
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| 51 | 51 | | 38a-91nn(b) |
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| 52 | 52 | | |
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| 53 | 53 | | Sec. 2 |
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| 54 | 54 | | |
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| 55 | 55 | | July 1, 2013, and applicable to estimated tax payments for calendar years commencing on and after January 1, 2014 |
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| 56 | 56 | | |
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| 57 | 57 | | 12-204f |
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| 58 | 58 | | |
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| 59 | 59 | | |
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| 60 | 60 | | |
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| 61 | 61 | | FIN Joint Favorable |
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