Presentation on theme: "Insurance Tax Conference State and Local Tax"— Presentation transcript:
1 Insurance Tax Conference - 2011 State and Local Tax Christine GustafsonC. Gustafson Law(262)Michael PalmPricewaterhouseCoopers LLP(312)Friday E-1
2 2011 HighlightsCalifornia A. 21 (1x) - Extends the sunset date for the California gross premiums tax on Medi-Cal managed care plans from July 1, 2011, to July 1, Passed, effective September 16, 2011.Connecticut H / S Applicable to calendar years 2011 and 2012, the insurance tax credit cap is revised to classify digital animation credits as type 1 credits (70% cap), insurance reinvestment fund credits as type 2 credits (55% cap) and all other credits as type 3 credits; depending on the mix of credits used, the cap on available offset is reduced to 30 or 55%; previous the cap was a flat 70%. Passed, effective June 21, 2011.Connecticut DOR Announcement 2011(2) - Informs each insurer that is a member of the Connecticut Insurance Guaranty Association that on or before Monday, February 14, 2011, the member insurer must repay a portion of the December 27, 2010 refunded assessments related to Credit General Insurance Company, Reliance Insurance Company, and PHICO Insurance Company. (01/18/2011)
3 2011 HighlightsDelaware - Per Ins. Commr. of State of Del. v. Sun Life Assurance Co., Del. S. Ct., Dkt. No. 535, 2010, 05/13/2011, the Delaware Supreme Court has denied a premiums tax refund claim after finding that an insurance company may not aggregate several employer- and trust-owned policies issued through separate private placement offerings into a unitary case in order to reduce its tax rate.Idaho H Temporarily reduces the workers' compensation insurance premium tax on insurance companies and self-insured employers from 2.5% to 2.0% for calendar years 2012 and Additionally, permanently modifies the deduction for insurers on payments of the workers' compensation premium tax to 50% of the premium tax paid (previously was 1.3% of the premium written). Passed, effective 07/01/2011.Iowa S Eliminates the transfer tax on insurance companies that redomesticate in the state. The tax is generally equivalent to 25% of the premium tax the company pays annually. The insurance division asked that the transfer tax be eliminated to make it easier for insurance companies to locate in the state. Passed, effective 07/01/2011.
4 2011 HighlightsKentucky H. 1 (SS) - Provides that no municipal premium tax or fee applies to premiums paid by non-profit self-insurance groups whose membership consists of cities, counties, charter county governments, urban-county governments, consolidated local governments, school districts, or any other political subdivisions of the Commonwealth. Passed, effective 03/25/2011.Kentucky DOI Advisory Opinion Municipal premium tax advisory opinion stating that risk retention groups are subject to the tax; captive insurers are exempt from the tax; and reinsurance companies exempt from the tax except for their direct written premiums. Additionally, all reinsurance companies holding a certificate of authority are responsible for filing applicable local government premium tax reports, even if the reinsurance company did not directly underwrite any business under the company's lines of authority. (05/25/2011)
5 2011 HighlightsMaryland H. 173 – Creates InvestMaryland that offers insurance premium tax credits at a discounted rate of 70% of the credits' value, with the possibility of a different rate if warranted by market conditions. Allows a maximum of $100 million in credits and requires a minimum investment of at least $1 million worth of credits, which are claimed in tax years through 2019 at 20% per year. Unused credits can be carried forward indefinitely and used without the 20% restriction after Passed, effective 07/01/2011.Minnesota DOR Notice - The 2% firefighter relief surcharge applies to all fire, lightning and sprinkler-leakage premiums written on property located in a first-class city within Minnesota. Based on the 2010 Census, Rochester is now designated as a first-class city. Passed, effective 06/01/2011.
6 2011 HighlightsMississippi H Provides an insurance premium tax credit for 80% of the investment in Mississippi small business investment companies. The credit is claimed at 16% of the investment for and excess credit can be carried over for five years. Decertification within two years of the allocation date results in the disallowance of all of the credits and decertification within four years results in the disallowance of 85% of the credits. Passed, effective 07/01/2011.Missouri - Per Midwest Builders' Casualty Mutual Insurance Co. v. Director of Revenue, Mo. Administrative Hearing Commission, Dkt. No RG, 08/15/2011, held that Kansas workers' compensation fund assessments are “other obligations” imposed on the insurer and therefore a legitimate home state retaliatory tax burden. The Missouri workers' compensation surcharges do not offset the Kansas workers' compensation fund assessment as they are imposed as a policy holder surcharge.
7 2011 HighlightsNevada - Per State of Nevada Tax Commission v. American Home Shield of Nevada, Nev. S. Ct., Dkt. No , 07/07/2011, an insurance company's refund request for insurance premium taxes erroneously paid on service contracts in 2003 and 2004 was barred by the one-year limitations period; NRS 680B.120 applies to all overpayments of insurance premium taxes and does not provide for interest on the overpayment of insurance premium taxes.Nevada – The DOI has implemented premium tax audits for all licensed insurance companies. The DOI is applying the above holding as a position to retain any tax overpayment/carryover listed on a premium tax return that was not subsequently “perfected” through a formal request.Rhode Island OPTins Bulletin – Specifies that the DOI has implemented OPTins for e-filing and payment as of tax year 2010 and is their preferred method for filing and payment. (02/14/2011) This notice revised one released on 02/01/2011 that mandated OPTins use as of 02/18/2011.
8 2011 HighlightsUtah Tax Commission Bulletin The Utah workers' compensation insurance premium tax rate is 3.8%, decreased from the 4.3% rate imposed for Effective 01/01/2011.Virginia H / S ) Decreases the eligible credit percentage of retaliatory tax paid from 100% to 60% for tax years after 2006; 2) eliminates the 10 year limitation on the carryforward period for excess credits; and 3) increases the annual refundable amount of excess credits from $800,000 to $7m for qualified companies that received a credit in tax year 2000, beginning with tax year Passed, effective 07/01/2011.Virginia S Transfers the administration of the insurance premiums tax from the State Corporation Commission to the Department of Taxation. The Commission will continue to be responsible for the licensing of insurance companies and the administration of the maintenance fund. Passed, effective for taxable years beginning on and after 01/01/2013.
9 2011 HighlightsArizona Taxpayer Information Ruling LR An out-of-state insurance company which is subject to and pays premium taxes to another state and is the sole member of an Arizona SMLLC that is disregarded for federal income tax purposes, is not subject to Arizona corporate income tax. The SMLLC is not subject to Arizona's corporate income tax either. (02/08/2011)California FTB Legal Ruling Held that the activities of a disregarded entity in California would cause such entity's owner to have nexus with the state. Of note, the FTB addressed the situation where a disregarded SMLLC with California business activities sufficient to constitute "doing business" in the state filed an annual California LLC Return of Income, but did not include a signed statement for its owner consenting to California's tax jurisdiction. (1/11/2011)Florida H Increases the corporate income tax exemption from $5,000 to $25,000 as of tax year Passed, effective as noted.
10 2011 HighlightsIllinois H Permits apportionment for reinsurers under the pre allocation methods [allocate to the insurer's home state or allocate on a look-through basis to the insurer's Sch T] but would lock in the method thereafter. Defines "holding company" and in certain circumstances requires allocation of holding company income/loss between insurance and noninsurance groups via a gross receipts ratio or other reasonable method. If allocated, the holding company takes on the same factor apportionment basis as each group they are included in. Passed, effective 8/23/2011.Illinois S Makes substantial income tax increases, including: 1) increases the individual rate from 3% to 5% until 2015, then decrease to 3.75% until 2025 when the rate would decrease again to 3.25%; 2) increases the corporate rate from 4.8% to 7% until 2015, the decrease to 5.25% until when the rate would decrease back to 4.8% [combined with the 2.5% Personal Property Replacement Tax, this would result in a total rate of 9.5%; the 3rd highest in the country); 3) suspends NOLs generated in tax year for usage in tax years , but would add an additional 4 years of carryforward to any suspended year. Passed, retroactively effective to Jan. 1, 2011.
11 2011 HighlightsIndiana H Provides for several tax changes: 1) decreases the state corporate income tax rate over four years, as follows: before July 1, 2012, 8.5%; before July 1, 2013, 8.0%; July 1, 2014, 7.5%; before July 1, 2015, 7.0%; and after June 30, 2015, 6.5%; 2) eliminates the net operating loss carryback; 3) taxes interest income from state and local bonds issued by other states; and 4) repeals various tax credits. Passed, effective as noted.Louisiana - Per UTELCOM. Inc. and UCOM, Inc. v. Department of Revenue, La. Ct. of App., Dkt. No. 535, 407, Division "D", 9/12/11, held that mere passive ownership of an interest in a limited partnership that conducts business in Louisiana, by itself, was not sufficient to subject the foreign corporate limited partner to Louisiana franchise taxMichigan H / H / H Repeals the MBT and replaces it with a 6% income tax. Insurance and financial institutions will retain their same basic tax structure. Nexus standards, apportionment (single-sales factor) and sourcing methodology (market sourcing) will generally remain the same. Passed, generally effective 01/01/2012.
12 2011 HighlightsMissouri Private Letter Ruling LR The DOR ruled that an insurance company formed to offer Medicare D drug plans is not exempt from the corporate income tax because it is not subject to premiums tax on its premium receipts from such prescription drug plans in Missouri. (04/02/2011)Oregon - Per Standard Financial Group, Inc., v. Dept. of Rev., Or. Tax Ct. Magis Div., Dkt. No. TC-MD B, 08/18/2011, the taxpayer corporation had to include the intercompany distribution from its wholly owned insurance subsidiary in its Oregon taxable income. Entities that engage in the insurance business in Oregon must file separate Oregon returns even if an entity is a unitary member of an affiliated group that files a federal consolidated return. Intercompany transactions between an insurance company and its unitary group are not eliminated when the insurance company is excluded from the Oregon consolidated return. Intercompany transactions must be included as income in the Oregon excise tax return despite the elimination under the federal consolidated return because the separation of entities and related transactions is made prior to the beginning point of income determination.
13 2011 Highlights MTC Project Continued effort to impose income tax at the flow-through entity level if 50%+ owned by a entity not subject to state income tax.Industry efforts to educate the MTC fell short, but a reprieve was achieved by NAIC testimony.Project has been placed back to the Uniformity Committee for further study.Recent “re-education” effort by industry members was met with continued MTC bias that the industry was avoiding tax on activities held in flow-through entities.
14 2011 HighlightsDodd-Frank Act / Nonadmitted and Reinsurance Reform ActProvisions:No state other than the home state of an insured may require any premium tax payment for nonadmitted insurance."Home state" is defined as the state:Where an insured maintains its principal place of business, orIf 100% of the insured risk is outside of that state, then “home state” is the state assigned the greatest percentage of premium."Nonadmitted insurance" is any property and casualty insurance permitted to be placed directly or through a surplus lines broker with an insurer not licensed to engage in the business of insurance in a state.States may enter into a multi-jurisdictional compact to administer and allocate the premium tax paid to the insured's home state.
15 2011 Highlights Dodd-Frank Act con’t All states, with the exception of Colorado, Illinois, Michigan, South Carolina, and Wisconsin (plus the District of Columbia), have passed legislation to provide some degree of conformity to the Act. Further, Colorado and Illinois have issued bulletins detailing how their current tax regimes may meet the Dodd-Frank provisions.State adoption of Dodd-Frank has not been uniform;The conforming states are also split on what multi-jurisdictional compact to joinPrior to Dodd-Frank, Todd Shipyards (State Bd. of Ins. v. Todd Shipyards Corp., 370 U.S. 451 (1962)) was arguably the standard states used as a basis for determining nexus for nonadmitted insurers. This nexus standard requires more than just the mere presence of insured property within the state in order to impose a state premium-based taxDoes Dodd-Frank overturn the Due Process protections for nonadmitted insurers per Todd Shipyards?
16 Refund Claims Rules and Requirements Jurisdictional RulesStatute of LimitationsMay not be within the insurance codeMay not be specific to premium taxAssessment limitation period for state maybe longer than the refund limitation period for taxpayerIs there a statute of limitation period when return was never filed (voluntary disclosure)May be different limitation periods for different taxes.
17 Refund Claims Considerations Refund proceduresNot usually contained in statutesWatch for changes and format requirementsWhen in doubt, let the jurisdiction say “No”Set materiality limits and determine early if denied claims will be pursued via litigation
18 Refund Claims Internal Procedures Send the minimum requirements / dataEnsure you list an internal contact and how to specifically reach them [phone, address and ]Mailings should be by return receipt, certified mailConsider using a contact within the jurisdiction to facilitate the claimSet a timetable and follow-up on deadlinesAnticipate the response by the jurisdiction and be prepared to immediately and clearly respond
19 In Lieu Provisions The Basics FormatGeneral ‘in lieu’ provisionSpecific tax exemptionWhat’s covered by the provisionIncome TaxStates generally yes; watch local taxesSales / Use TaxCheck tax treatment of “leases”Tax planning opportunitiesProperty TaxWatch property classificationsUtility Taxes & TelecomWatch who is the “user”Partnership Withholding ExemptionUnique certificates for most states
20 In Lieu Provisions By State Alabama§ 27-4A-5Applies to state and county taxes based on/measured by premiumApplies to county license or privilege taxes§ 27-4A-6Applies to state income taxSee Article XII § 221 of the AL Constitution, §§ , and regarding Municipal TaxationAlaska§ (e)Applies to all other taxes imposed by the state upon premium, franchise, privilege or income taxes§ (f)Applies to local level taxes, licenses and fees on insurers and agents; except for real and personal property taxes
21 In Lieu Provisions By State Arizona§ (A)Applies to all state and local taxes except for state insurance fees, real and personal property taxes, and state and local sales/use taxes§ (B)Applies to municipal and local taxes§Exempts insurance companies from the state tax income taxAttorney General Opinion No , February 18, 1976Insurance companies are not required to actually pay a premium tax in order to be exempted under the "in lieu" provisionLetter Ruling LRInsurance companies are required to actually pay a premium tax (not just be subject to) in order for the income tax exemption within the “in lieu” provision to apply.Arkansas§Exempts insurance companies from the state income tax§Applies to state and local premium taxes and local privilege taxes or license fees
22 In Lieu Provisions By State Colorado§ (1)(c)Applies to state and local taxes except for real and personal property taxes, nor shall it apply to tax on workers compensation premiums§ (1)Exempts insurance companies from the state income taxState Farm Mut. Automobile Ins. Co. v. Temple, Colo., 176 Colo. 537, 491 P.2d 1371 (1971); in lieu provision does not bar home rule city from imposing business occupational taxesSecurity Life and Accident Co. v. Temple, Colo., 177 Colo. 14, 492 P.2d 63 (1972); “in lieu” provision does not exclude local sales and use taxesGeneral Information Letter DOR clarification that a foreign corporation with no physical presence in state, that writes a worker's compensation insurance policy for a client with employees in Colorado may have income tax nexus; apparently dependent on the legal obligations regarding the insured client employees and the holding of a Business Entity Insurance license from the Colorado DOI
23 In Lieu Provisions By State CaliforniaCalifornia Constitution Article XIII § 28(f)RTC § 12204Applies to all other state and local taxes and licenses; except real property taxes and retaliatory taxEffective 1/1/2011 this shall not apply to any Medi-Cal managed care plan and to any tax imposed on that planOccidental Life Ins. Co. v. State Board of Equalization, 135 Cal. App. 3d 845, 185 Cal. Rptr. 779 (1982); held sales tax applies to insurersMassachusetts Mutual Life Ins. Co. v. City and County of San Francisco, 129 Cal. App. 3d 876, 181 Cal. Rptr. 370 (1982); held hotel operations owned by an insurer as noninsurance activities not eligible for “in lieu” protection for ad valorem taxes on fixtures and personal property.Mutual Life Insurance Co. of New York v. City of Los Angeles, 50 Cal. 3d 402; 787 P.2d 966; 267 Cal Rptr. 589 (1990); the California Supreme Court expressly disapproved of the Massachusetts Mutual decision; the plain meaning of the law must be used in interpretationHughes v. City of Los Angeles, 168 Cal. 764, 145 P. 94 (1914); held “in lieu" clause prohibits municipal taxation of insurance agentsBeneficial Standard Life Ins. Co. v. State Board of Equalization (Cal. App. 3 Dist. 1962) 18 Cal. Rpts. 432, 199 Cal. App. 2nd 18; In lieu provision does not exempt insurer from collecting use tax on sale of personal property
24 In Lieu Provisions By State Connecticut§Applies to state and local taxes except for real and personal property taxes for domestic insurers§Applies domestic insurer tax rules to foreign insurersDelaware§ 712Applies to state and local taxes except for real and personal property taxes§ 1902(b)(7)Exempts insurance companies from the state income taxContinental American Life Ins. Co. v. Wilmington, 273 A.2d 277 (Del. Super. Ct. 1970); held leasing of office space by an insurer-landlord was not part of the "business of insurance“; therefore a municipal license fee was applicableDistrict of Columbia§ (a)(1)
25 In Lieu Provisions By State Florida§Applies to municipal excise, privilege, franchise, income, license, permit, registration and similar taxes/fees and local taxation other than the police and fire taxes in §§ andGeorgia§Applies to local excise, privilege, franchise, income, license, permit, registration and similar taxes/fees and local taxation other than municipal license fees in §§ and§ (a)(2)Exempts insurance companies from the state income taxHawaii§ 431:7-204Applies to state and local taxes other than excise, real and personal property and other specified taxes
26 In Lieu Provisions By State Idaho§Applies to state income, net worth, other premium and personal property taxes and all local taxes, licenses and feesIllinois§ 215 ILCS 5/415Applies to all local taxes, licenses and fees other than real and personal property tax and municipal fire taxPrudential Ins. Co. v. City of Chicago, 66 Ill. 2d 437, 362 N.E.2d (1977); held premium taxes are in lieu of all taxes and fees not specifically permitted by §415 of the Insurance Code, regardless of whether the tax or fee is levied on the business of insuranceIndiana§ (h)Applies to all state and local taxes and license fees other than real and tangible personal property tax and the fire insurance premium taxInformation Bulletin No. 12Insurance Companies are required to actually pay the premium tax, rather than just be subject to it, before it is exempt from income tax under the “in lieu” provision.
27 In Lieu Provisions By State Iowa§ (1)Exempts insurance companies from the state income taxKansas§ bApplies to all state and local taxes and license fees other than real and tangible personal property tax, state fire marshal tax, firemen's relief fund tax and municipal occupation taxes levied upon any basis other than income, intangible property, premiums or gross receiptsKentucky§ (1)(e)Louisiana§ 22:791Applies to all state and local franchise and capital stock taxesWas formerly numbered § 22:1069 prior to 01/01/2009
28 In Lieu Provisions By State Maine§ 605Applies to all state income and franchise taxes and all local taxes, license and fees other than real and tangible personal property taxMaryland§ (4)Exempts insurance companies from the state income tax§ 1-205Applies to local occupational taxes or fees§ 6-112Applies to all local taxes other than property taxMassachusetts§ 30(1)§ 5, SixteenthApplies to personal property taxes other than real estate
29 In Lieu Provisions By State Michigan§ and § 235(3)Applies to all state privilege or franchise fees or taxes other than real and personal property, sales, use and other taxes specified in the Insurance CodeMinnesota§ (1)(c)Exempts insurance companies from the state income taxMississippi§Applies to state and local licenses and privilege taxes other than those specified in the insurance codeMissouri§Applies to all state and local taxes other than property taxes and certain municipal occupational taxes§Applies to state income and franchise taxesAmended per H. 577 (Laws 2009) to exempt insurance companies from the state income tax who are “subject to”” instead of “paying” the premium tax. This was a legislative correction to PLR 5668, involving a foreign insurance company solely writing Medicare Part D. Also overrules PLR 5192.Prudential Ins. Co. of America v. Director of Revenue, 885 S.W.2d 337, (1994); held in lieu provision does not exempt a foreign insurer from use taxGeneral American Life Ins. Co. v. Bates, 363 Mo. 143, 249 S.W. 2nd 458 (1952); held that the clause reading “In Lieu of all taxes upon intangible personal property owned by such insurance companies” was unconstitutional and this language was deleted in 1959Missouri Ins. Co. v. Morris, 255 S.W. 2nd 781 (Mo. Sup. Ct. 1953); held that the remaining portions of the statute were valid
30 In Lieu Provisions By State Montana§ (4)Applies to all state and local taxes, licenses, fees, and excises other than real and tangible property taxes, fire insurance premium taxes and those specified by the insurance codeNebraska§ (1)(a)Applies to state and local intangible taxNevada§ 680B.037Applies to state and local income, franchise and privilege taxes§ 680B.020Applies to local licensesNew HampshireNone
31 In Lieu Provisions By State New Jersey§ 54:10A-3(i) and Reg. 18:7-1.12(a)4Exempts insurance companies from the state income taxNew Mexico§ 59A-6-6Applies to all state and local taxes, licenses and fees other than propertyNew YorkNoneNorth Carolina§ (a)Applies to state income and franchise taxes§Applies to local privilege and premium taxesSecretary of Revenue v. Jefferson-Pilot Life Ins. Co., 161 N.C.App. 558, 589 S.E.2d 179 (2003); held that an insurance company was responsible for local use taxes
32 In Lieu Provisions By State North Dakota§ (3)Exempts insurance companies from state and local income tax§ (25) / Attorney General Opinions [03/25/32 & 04/04/32]Foreign insurers qualify for the general exception from personal property taxOhio§Applies to all other taxes other than real property [domestics only]§ (A)Exempts insurance companies from state income and franchise taxes§ (E)(9)Exempts insurance companies from the commercial activity taxReview municipal codes for exemption from municipal income tax [especially foreign insurers]
33 In Lieu Provisions By State Puerto Rico§ 706Applies to all local taxes or dutyRhode Island§ (2)(iii)Exempts insurance companies from the state income tax§Exempts insurance companies from the state franchise taxSouth Carolina§ (3)South Dakota§Applies to all state and local taxes other than real property and sales and use taxes on tangible personal property and any product transferred electronicallyTennessee§Applies to all state and local taxes other than ad valorem taxes upon personal and insurance fees§ enacted in Public Chapter 508, Acts of 1997Exempts insurance companies from the franchise and excise taxesInsurance companies that do not pay gross premium taxes under § remain liable for the franchise and excise taxes
34 In Lieu Provisions By State Oklahoma§ 624(B)Applies to all state taxes or fees other than those taxes and fees provided for in the Insurance Code, the fire insurance premium tax and local ad valorem taxesAttorney General Opinion No (8/26/88) - in lieu provision does not exempt insurance company from sales taxProfessional Investors Life Ins. Co. v. Oklahoma Tax Com'n, Okla., 825 P.2d 1292 (1991); held that in lieu did not exempt insurer from paying state sales tax on procurements of goods and servicesGlobe Life and Acc. Ins. Co. v. Oklahoma Tax Com'n, Okla., 831 P.2d 649 (1992); held that in lieu did not exempt insurer from paying state sales tax on procurements of tangible propertyOregon§ (1)Applies to all other state and local taxes upon premiums, income , franchise or other taxes measured by income other than real and personal property tax
35 In Lieu Provisions By State Pennsylvania§7401(1)Exempts insurance companies from the state income taxPrincipal Life Ins. Co. v. City of Philadelphia Tax Review Bd., 838 A.2d 854, Cmwlth.2003, appeal denied 852 A.2d 314, 578 Pa. 703; held city could impose business privilege tax on insurer’s real property rental incomeThe Baltimore Life Insurance Company and Life of Maryland v. Spring Garden Township, 699 A2d 847, 08/21/1997; held city’s business privilege tax was double taxation of the state’s premium taxPrudential Ins. Co. v. Pittsburgh, 391 A. 2d 1326 (Pa Cmwith. Ct ); held that the imposition of state tax on insurance company’s gross premiums did not prevent city from imposing business privilege tax on company’s receipts from business of renting apartments.Texas§Applies to state and local taxes other than real property tax unless a specific exemption is provided§Exempts insurance companies from the state franchise taxArticle 4.10, section 14Applies to local license taxes on non-life insurersArticle 4.11, section 9Applies to local license taxes on life insurersUnited States Automobile Association v. Carole Keeton Rylander, 124 SW3d 722, 11/06/2003, Petition for review denied, Texas Supreme Court, 09/10/2004; held insurers are subject to transactional taxes, including the state sales and use taxes
36 In Lieu Provisions By State Utah§ 31A-3-102Applies to state franchise tax and local license taxes other than real and personal property taxesPrivate letter Ruling Utah State Tax Commission, 11/25/2009, released 5/2010Insurer selling Medicare Part D plans was exempt from Utah’s corporate income and franchise tax because of the in lieu provision even though Medicare Part D premiums are not subject to Utah’s premium taxVermont§ 3718Applies to state income, franchise, privilege or other taxes measured by income§ 5811(3)(A)Exempts insurance companies from the state income tax West Virginia§ (b)Exempts insurance companies from the state income tax
37 In Lieu Provisions By State Virginia§Applies to all state and local taxes, licenses and fees other than property and sales and use taxes and the insurance regulatory fee§ (2)Exempts insurance companies from the state income tax§ C.11Exempts insurance companies from local license taxes and feesUS Virgin Islands§ 603(C)Applies to any gross receipts tax that would otherwise be levied on insurersWashington§Applies to all state and local taxes other than property and sales and use taxes§Applies to all local excise and privilege taxes
38 In Lieu Provisions By State Wisconsin§ 71.45(1)(a)Exempts insurance companies from the state income taxWyoming§Applies to state income, franchise and privilege taxes and all local taxes, licenses and fees other than real and personal property taxes
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