N.Y. Tax Law 1551 – Imposition of tax
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§ 1551. Imposition of tax. There is hereby imposed on any person whose home state is New York and who purchases or renews a taxable insurance contract from an insurer not authorized to transact business in this state under a certificate of authority from the superintendent of financial services a tax at the rate of three and six-tenths percent of the premiums paid or to be paid, less returns thereon, for such insurance. Nothing in this Article of the insurance law.
Terms Used In N.Y. Tax Law 1551
- Contract: A legal written agreement that becomes binding when signed.
- home state: means :
(1) In general. See N.Y. Tax Law 1550 - person: means an individual, corporation, partnership, limited liability company, society, association, joint stock company, estate, receiver, trustee, assignee, referee and any other person acting in a fiduciary capacity, whether appointed by a court or otherwise, and any combination of the foregoing. See N.Y. Tax Law 1550