31A-28-113. Credit for assessments paid.
(1) (a) A member insurer may offset against its premium tax liability to this state an
assessment described in Subsection 31A-28-109(2)(b) to the extent of 20% of the amount of the
assessment for each of the five calendar years following the year in which the assessment was
paid.
(b) To the extent that the offsets described in Subsection (1)(a) exceed premium tax
liability, the offsets may be carried forward and used to offset premium tax liability in future
years.
(c) If a member insurer ceases doing business, all uncredited assessments may be credited
against its premium tax liability for the year it ceases doing business.
(2) (a) Monies shall be paid by the insurers to the state in a manner required by the State
Tax Commission if the monies:
(i) are acquired by refund in accordance with Subsection 31A-28-109(6) from the
association by member insurers; and
(ii) have been offset against premium taxes as provided in Subsection (1).
(b) The association shall notify the commissioner that the refunds described in Subsection
(2)(a) have been made.
Amended by Chapter 161, 2001 General Session
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Last revised: Thursday, May 28, 2009