Kansas Statutes 40-252e. Small insurance company credit against premium tax
For tax years 1998 and thereafter, a foreign or domestic insurance company required to pay a tax on premiums under subsection A, C, D or F of Kan. Stat. Ann. § 40-252, and amendments thereto and writing less than $15,000,000 in premiums in all states shall be allowed as a small company credit against such tax the amount computed as follows:
(a) Subtract the total dollar amount of all premiums written by the company in all states from $15,000,000;
Terms Used In Kansas Statutes 40-252e
- insurance company: shall mean and include all corporations, companies, associations, societies, fraternal benefit societies, reciprocal exchanges, persons or partnerships writing contracts of insurance, indemnity or suretyship in this state upon any type of risk or loss except insurance companies transacting business pursuant to the provisions of Kan. See Kansas Statutes 40-222c
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(b) Divide the result obtained in (a) by 15,000,000;
(c) Multiply the quotient obtained in (b) by 90,000 with the resulting credit not to exceed $30,000. No credit under this section shall be allowed unless the company has paid salaries for which a salary credit is allowed under Kan. Stat. Ann. § 40-252d.
Before taking into account any other credit or offset against the tax on premiums imposed under Kan. Stat. Ann. § 40-252, and amendments thereto, the employment credit allowed under Kan. Stat. Ann. § 40-252d, and amendments thereto and the small company credit allowed under this section, taken together, may not reduce such tax by more than 1% of premiums taxable under Kan. Stat. Ann. § 40-252, and amendments thereto, for tax year 1998 or by more than 1.25% of premiums taxable under Kan. Stat. Ann. § 40-252, and amendments thereto, for tax years 1999 and thereafter. For purposes of calculating any tax due under Kan. Stat. Ann. § 40-253, and amendments thereto, from a taxpayer not organized under the laws of this state, the credit allowed by this section shall be treated as a tax paid under Kan. Stat. Ann. § 40-252, and amendments thereto.