§ 77-918 — Prepayment of tax; when due; Premium and Retaliatory Tax Suspense Fund; created; investment

Insurers transacting insurance in this state whose annual
tax for the preceding taxable year was four thousand dollars or more shall
make prepayments of the annual taxes imposed pursuant to Chapter 77, article
9, and related retaliatory taxes imposed pursuant to Chapter 44, article 1.
Each insurer required to make prepayments shall remit such
prepayments on or before April 15, June 15, and September 15 of the current
taxable year. Remittance for such prepayments shall be accompanied by a prepayment
form prescribed by the director.
The amount of each such prepayment shall be at least one-fourth
of either (1) the total tax paid for the immediately preceding taxable year
or (2) eighty percent of the actual tax due for the current taxable year.
The director, for good cause shown, may extend for not more
than ten days the time for making a prepayment. The extension may be granted
at any time if a request for such extension is filed with the director within
or prior to the period for which the extension may be granted. Insurers who
fail to pay any premium or retaliatory tax, including prepayments, when due
shall pay interest at the rate prescribed by section 45-104.02 , as such rate
may from time to time be adjusted, until such tax is paid. Any insurer who
fails to make the prepayments within the prescribed time period or to obtain
an extension shall be subject to the penalties prescribed in section 77-911 .
The director shall immediately deposit one-half of the prepayments
received in the Premium and Retaliatory Tax Suspense Fund, which fund is hereby
created, and one-half of the prepayments received in the General Fund. Commencing
with the premium and related retaliatory taxes for the taxable year ending
December 31, 2001, and for each taxable year thereafter, the director shall
determine the amount of the premium and related retaliatory taxes imposed
by section 44-150 or 77-908 paid by insurers writing health insurance in this
state, except as otherwise set forth in subdivisions (1) and (2) of section 77-912 , and such amount shall be credited to the Comprehensive Health Insurance
Pool Distributive Fund. Except as provided in subsection (5) of section 44-4225 , on May 1
of each year the director shall transfer all of the interest earned in the
Premium and Retaliatory Tax Suspense Fund on the immediately preceding year's
prepayments to the General Fund and transfer the balance of the preceding
year's prepayments deposited in the Premium and Retaliatory Tax Suspense Fund
to the Insurance Tax Fund. Any money in the Premium and Retaliatory Tax Suspense
Fund available for investment shall be invested by the state investment officer
pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds
Investment Act.

Legislative History

Source: Laws 1986, LB 1114, § 17; Laws 1992, Fourth Spec. Sess., LB 1, § 14; Laws 1994, LB 1066, § 81; Laws 2000, LB 1253, § 45; Laws 2011, LB73, § 7. Cross References: Nebraska Capital Expansion Act, see section 72-1269. Nebraska State Funds Investment Act, see section 72-1260.