31A-28-113 - Credit for assessments paid. - Utah Statutes

31A-28-113. Credit for assessments paid.
(1) (a) A member insurer may offset against its premium tax liability to this state anassessment described in Subsection 31A-28-109(2)(b) to the extent of 20% of the amount of theassessment for each of the five calendar years following the year in which the assessment waspaid.
(b) To the extent that the offsets described in Subsection (1)(a) exceed premium taxliability, the offsets may be carried forward and used to offset premium tax liability in futureyears.
(c) If a member insurer ceases doing business, all uncredited assessments may be creditedagainst its premium tax liability for the year it ceases doing business.
(2) (a) Monies shall be paid by the insurers to the state in a manner required by the StateTax Commission if the monies:
(i) are acquired by refund in accordance with Subsection 31A-28-109(6) from theassociation by member insurers; and
(ii) have been offset against premium taxes as provided in Subsection (1).
(b) The association shall notify the commissioner that the refunds described in Subsection(2)(a) have been made.

Amended by Chapter 161, 2001 General Session