Arkansas § 23-63-116 Retaliatory tax credit

Arkansas Statutes

§ 23-63-116 — Retaliatory tax credit

(a)A domestic property and casualty insurer that pays any other state or foreign country a tax, fine, penalty, deposit requirement or other material requirement, or any other fee that is determined by the Insurance Commissioner to be a retaliatory tax is entitled to a reduction or credit upon its gross premiums tax in the same amount paid to the other state or foreign country.

(b)This section does not apply to any of the following imposed by another state:

(1)An application fee, examination fee, license fee, appointment fee, or a continuation fee for an agent, adjuster, service representative, or consultant of a domestic property and casualty insurer; or (2) An ad valorem tax on real or personal property or special purpose obligations, fees, or assessments.

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(a) A domestic property and casualty insurer that pays any other state or foreign country a tax, fine, penalty, deposit requirement or other material requirement, or any other fee that is determined by the Insurance Commissioner to be a retaliatory tax is entitled to a reduction or credit upon its gross premiums tax in the same amount paid to the other state or foreign country. (b) This section does not apply to any of the following imposed by another state: (1) An application fee, examination fee, license fee, appointment fee, or a continuation fee for an agent, adjuster, service representative, or consultant of a domestic property and casualty insurer; or (2) An ad valorem tax on real or personal property or special purpose obligations, fees, or assessments.

Arkansas § 23-63-116 (Retaliatory tax credit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.