Tennessee § 56-35-107 Tax on risk rate charges - Credits and exemptions - Penalties - Minimum tax

Tennessee Statutes

§ 56-35-107 — Tax on risk rate charges - Credits and exemptions - Penalties - Minimum tax

Tennessee § 56-35-107

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This text of Tennessee § 56-35-107 (Tax on risk rate charges - Credits and exemptions - Penalties - Minimum tax) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 56-35-107 (2026).

Text

(a)Every title insurance company qualifying under this chapter shall annually, on or before March 1 of each year, file an annual statement as provided in § 56-35-108 , and pay to the department of commerce and insurance a sum equal to two and one half percent (2.5%) of all risk rate charges collected by it, on risks located in this state, during the year next preceding, which tax shall be subject to the same credits and exemptions as provided for the gross premiums tax on other insurance companies under §§ 56-4-211 , 56-4-213 and 56-4-217 , and that shall be in lieu of any privilege tax, general or special; and all other taxes, state or local, except as provided by § 56-4-213 .

(b)Any title insurance company, qualifying under this chapter, that fails to make the returns and payments corr

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(a) Every title insurance company qualifying under this chapter shall annually, on or before March 1 of each year, file an annual statement as provided in § 56-35-108 , and pay to the department of commerce and insurance a sum equal to two and one half percent (2.5%) of all risk rate charges collected by it, on risks located in this state, during the year next preceding, which tax shall be subject to the same credits and exemptions as provided for the gross premiums tax on other insurance companies under §§ 56-4-211 , 56-4-213 and 56-4-217 , and that shall be in lieu of any privilege tax, general or special; and all other taxes, state or local, except as provided by § 56-4-213 . (b) Any title insurance company, qualifying under this chapter, that fails to make the returns and payments correctly and promptly on or before March 1 of each year in an electronic format approved by the commissioner, shall be subject to penalty as provided for the gross premium tax on other insurance companies under § 56-4-216 . (c) The minimum amount of tax payable for any company qualifying under this chapter for the privilege of transacting business for any calendar year shall be one hundred fifty dollars ($150). (d) Nothing in this section shall be construed to provide an exemption from the sales and use tax imposed by title 67, chapter 6.

Legislative History

Amended by 2015 Tenn. Acts, ch. 155,s 20, eff. 1/1/2016. Acts 1955, ch. 173, § 5; impl. am. Acts 1971, ch. 137, § 1; impl. am. Acts 1971, ch. 387, § 25; T.C.A., § 56-3407; Acts 1985, ch. 354, § 6; 1989, ch. 36, § 2; 2005, ch. 499, § 26.