§4621. Credits for assessments paid; tax offsets








1. Credit allowed. 
A member insurer may offset against its premium tax liability to this State an assessment
described in section 4609, subsection 2-A, paragraph B and for which a certificate
under section 4609, subsection 9 is issued, to the extent of 20% of the amount of
the assessment for each of the 5 calendar years following the year in which the assessment
was paid. In the event a member insurer ceases doing business, all uncredited assessments
may be credited against its premium tax liability for the year it ceases doing business.


[
2005, c. 346, §14 (NEW);
2005, c. 346, §16 (AFF)
.]








2. Refunds. 
Any sums that are acquired by refund, pursuant to section 4609, subsection 6, from
the association by member insurers, and that have been offset against premium taxes
as provided in subsection 1, must be recaptured in such manner as required by the
State Tax Assessor under Title 36. The association shall notify the superintendent
and the State Tax Assessor that refunds have been made. The association also shall
provide the State Tax Assessor with a list of all members who were issued refunds
and the dates and amounts of such refunds.


[
2005, c. 346, §14 (NEW);
2005, c. 346, §16 (AFF)
.]








3. Application. 
This section applies to assessments paid to the association by a member insurer on
or after January 1, 2005.


[
2005, c. 346, §14 (NEW);
2005, c. 346, §16 (AFF)
.]





SECTION HISTORY

2005, c. 346, §14 (NEW).
2005, c. 346, §16 (AFF).