Utah Code 31A-28-212. Credits for assessments paid
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(1) A member insurer may offset against its premium tax liability to this state an assessment described in Section 31A-28-208, but only up to 20% of the amount of the assessment for each of the five calendar years following the year in which the assessment was paid. If a member insurer ceases doing business, all uncredited assessments may be credited against its premium tax liabilities for the year it ceases doing business.
Terms Used In Utah Code 31A-28-212
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- Member insurer: means any person who:(6)(a) writes any kind of insurance to which this part applies under Section 31A-28-202, including the exchange of reciprocal or inter-insurance contracts; and(6)(b) is licensed to transact insurance in this state. See Utah Code 31A-28-203
- Premium: includes , however designated:
(156)(b)(i) an assessment;(156)(b)(ii) a membership fee;(156)(b)(iii) a required contribution; or(156)(b)(iv) monetary consideration. See Utah Code 31A-1-301- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) Any sums acquired by a member insurer as a refund from the association which previously had been offset against premium taxes as provided in Subsection (1) shall be paid immediately by the member insurer to the State Tax Commission. - Premium: includes , however designated: