§ 23-90-119 — Assessment as credit against taxes

Arkansas § 23-90-119

• Jurisdiction: Arkansas
• Title: 23

Text

(a) Any assessment paid by an insurer under this chapter shall be allowed to an insurer as a credit against its premium tax payable under §§ 26-57-601 - 26-57-605 and 26-57-607 . (b) The tax credit referred to in this section shall be allowed at a rate of twenty percent (20%) per year for five (5) successive years following the date of assessment. (c) The balance of any assessment paid by the insurer and not claimed as a tax credit may be reflected in the books and records of the insurer as an admitted asset of the insurer for all purposes, including exhibition in the annual statements. (d) However, any insurer which neglects to take the twenty percent (20%) credit during the year allowable will not be allowed to carry over the credit for the following year or years.

Legislative History

Acts 1977, No. 871, § 15; 1983, No. 522, § 40; 1985, No. 804, § 26; A.S.A. 1947, § 66-5515; Acts 1987, No. 738, § 7; 1999, No. 881, § 16.