§ 2-33-11 — Taxation of Premiums

(a) Premiums collected under this chapter shall be taxed at the rate of 1.3 percent per annum based on the premiums collected by the nonprofit agricultural organization. The return and payment of the tax shall be due to the Department of Insurance on a biannual basis and shall be remitted to the department on or before the 20th day of the month following the preceding six months for premiums collected.
(b) The tax described in subsection (a) is exclusive and shall be in lieu of all other taxes and licenses. No license or privilege tax may be imposed by a county or municipality on a nonprofit agricultural organization that is subject to the tax described in subsection (a), and a nonprofit agricultural organization and its affiliates that are subject to the tax described in subsection (a) shall be exempt from income taxes under Chapter 18 of Title 40 or any other law levying income taxes.
(c) Taxes collected under this section shall be collected and administered by the Department of Insurance pursuant to rules adopted by the department for that purpose.
(d) Taxes collected under this section, less the costs of administration by the department not to exceed two percent of collections, shall be deposited in the State Treasury and credited to the State General Fund.
(e) The costs of administration shall be deposited in the State Treasury and credited to the Insurance Department Fund.

Legislative History

(Act 2025-296, §11.)