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IASA – Ohio Chapter 1 State & Local Tax Developments November 24, 2014 Michael Palm Director PricewaterhouseCoopers LLP (312) 298-2483

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Presentation on theme: "IASA – Ohio Chapter 1 State & Local Tax Developments November 24, 2014 Michael Palm Director PricewaterhouseCoopers LLP (312) 298-2483"— Presentation transcript:

1 IASA – Ohio Chapter 1 State & Local Tax Developments November 24, 2014 Michael Palm Director PricewaterhouseCoopers LLP (312) W-2

2 Agenda The History Lesson / Part 1 & 2 State & Local Developments Questions 2

3 History Lesson – Part 1 / General Premium Tax  Have existed for over 100 years, pre-dating state income tax.  Tax on gross premium receipts less certain deductions and exclusions.  Includes “in lieu of” exclusion from state and local income taxes, except for AL, FL, IL, IN, LA, MS, NE, NH, NY, OR and WI. Retaliatory Tax  Mechanism by which states (other than HI and NM) equalize and minimize state premium taxes.  Each state assesses an out-of-state insurance company a tax that is at least equal to the total tax burden a similar domestic insurer would be required to pay in the other state. 3

4 History Lesson – Part 1 / Key Cases Paul v. Virginia, 75 U.S. 168 (1868) Held insurance was not interstate commerce and not entitled to commerce clause protection, leaving states free to regulate and tax insurance industry. United States v. South-Eastern Underwriters Association, 322 U.S. 533 (1944) Reversal of above. McCarren Ferguson Act, 15 U.S.C & 1012 (1945) Congress’s response to above; excludes insurance from the definition of interstate commerce. State Board of Insurance et. al. V. Todd Shipyards Corporation, 370 U.S. 451, 82 S.Ct (1962) Holding provides the minimum nexus standards for a state to impose a premium tax on an insurer. Western and Southern Life Insurance Co. v. State Board of Equalization, 101 S.Ct (1981) Held that retaliatory tax does not violate the Commerce Clause or the Equal Protection Clause. Also held retaliatory tax may not be imposed solely to raise revenue. Metropolitan Life Insurance Co., et. al. v. Ward, 470 U.S. 869, 105 S.Ct (1985) Held that domestic preference provisions violate the Equal Protection Clause. 4

5 History Lesson – Part 2 / Ohio Ohio’s premium tax dates back to For foreign insurers, a 4% tax on profit from premiums was imposed. The statute was amended in 1852 to impose a property tax on the value of gross premiums. In 1888, a supplemental tax on gross premiums was imposed in addition to the property tax, which when added together equated to 2.5% of DWP. This was simplified to a single 2.5% of DWP premium tax in For years pre-dating 1998, Ohio was a “domestic preference” state, which imposed a different and lesser tax base (generally capital and surplus) on domestic insurers. Due to a constitutionality issue over the domestic preference raised in Connecticut Mutual Life Ins. Co. v. Donahey, No. 81CV filed in the Franklin County Court of Common Pleas in 1981, Ohio legislators revised the premium tax effective for 1998 and phased in fully in HB 215 revised O.R.C. §§ and to equally tax foreign and domestic insurers at 1.4% of DWP. Additionally, foreign and domestic health insurance corporations are now subject to a 1% DWP premium tax. 5

6 Federal S 1645: Income Tax  The Mobile Workforce State Income Tax Simplification Act would establish a 30-day threshold before a state could impose income tax on a nonresident employee’s wages. Currently, state tax and withholding obligations for nonresidents are based on the amount earned in the state, the time spent in the state, or a combination of these two factors  Pending 6

7 Alabama H 105 / S 74: General Tax Provides for the creation and operation of the Alabama Tax Appeals Commission. Will replace the Administrative Law Division to hear appeals of tax and other matters administered by the DOR and sales tax levied by or on behalf of self-administered counties or municipalities that do not opt out. Passed, effective 10/01/2014 7

8 Alabama S 254: Premium Tax Amends the premium tax credit for coverage to property owners within certain coastal zones of Alabama: 1)deletes the requirement that an insurance carrier provide the homeowner a premium payment that is at least 12% less than the premium paid by the homeowner under the Alabama Wind Pool Plan in order to qualify for the credit; 2)expands the coverage location qualification for the credits; and 3)sets an aggregate total of tax credits in any tax year of $50,000. Requires the DOI to establish a process by which licensed insurance carriers can apply for a tax credit certificate, to reserve the credit allocation. Passed, effective to all new policies issued after 07/01/

9 Arizona H 2272: General Tax For purposes of the quality jobs tax credit against income and premium tax, if a full-time employee in a qualified employment position leaves during their second or third year of continuous employment, they may be replaced with another full-time employee treated as if they are the same year if: 1)the total time the position was vacant from the date it was originally filled to the end of the current tax year totals 90 days or less; and 2)the new employee meets all of the same requirements that the original employee was required to meet. Passed, effective retroactively to 01/01/

10 Arizona H 2276: Premium Tax Would decrease the premium tax rate as follows: 1.9% for 2015, 1.8% for 2016 and 1.7% for 2017; the rate reduction is not applicable to fire premiums, disability, or health insurance. Specifies the premium percentages and LOBs subject to fire tax. Session adjourned, failed to pass. H 2283: General Tax Revises the mailing rules to provide that any report, claim, tax return, payment or other material dealing in any way with taxation (other than petitions or notices of appeal) that does not contain a U.S. mail stamp to be considered timely if performed within 5 business days after the due date. Passed, effective 01/01/

11 California A 1395: Insurance Assessment Raises the amount of the special purpose assessment on each vehicle insured under an insurance policy by an insurer in the State to $0.26, until January 1, 2016, and not exceeding $0.26 thereafter (currently $0.25). Provides that a property insurer is not required to refund any portion of an assessment for the Seismic Safety Account, to a real property owner because a policy or coverage was terminated prior to the expiration date of the policy. Passed, effective 09/18/2014 or as noted. S 1142: Insurance Assessment Extends the health insurance fraud assessment ($0.20 per insured) to each insured who is a California resident under an individual or group policy regardless of the situs of the contract or master group policyholder. Passed, effective 01/01/

12 Connecticut S 29: General Tax Increases the total amount of credits against the corporation business tax, insurance premiums tax, and various other business taxes available under the Urban and Industrial Site Reinvestment Program from $650 million to $800 million. Passed, effective 07/01/

13 Delaware H 213: Surplus Lines Tax  Increases the gross premiums tax imposed on surplus lines insurance brokers from 2% to 3%.  Passed, effective 07/30/2014. H 265: Franchise Tax  Increases the annual tax on limited liability companies and general partnerships to $300 (currently $250).  Increases the franchise tax on corporations to $175 - $250 + $75 for each additional 10,000 shares or $1m of capital (previously $75 - $150).  Passed, effective 01/01/

14 District of Columbia Act , & Insurance Assessment Imposes a new premium tax on health insurance carriers with at least $50,000 in DC gross receipts to fund DC Health Link, the district's insurance exchange, including carriers whose products are not sold on the exchange. The unspecified assessment rate may not exceed the amount needed to meet the authority’s operations. Passed, effective 05/22/2014 and expires 03/19/

15 District of Columbia Act & Resolution : General Tax Establishes a low income housing tax credit program available against premium, income and franchise tax. The credit can be claimed equally for 10 years and is not refundable, but excess credit may be carried forward 10 years. The credit can be assigned, sold or transferred. Total credits for 2015 are $1m; otherwise are permitted to be as much as the federal LIHC limits. The credit is subject to recapture if the project fails the federal qualifications or does not submit the appropriate qualification certificate to DC. DC is permitted to charge a user fee of 1% of the credits. Passed, effective 10/10/2014 and expires 01/09/

16 Florida Technical Assistance Advisement No. 13A-022: Sales Tax Defines that premiums paid by customers to home service contract providers are not subject to Florida sales tax as service warranties, but are instead subject to the 2% insurance premiums tax. Issued 10/01/2013, released 01/28/

17 Georgia H 920: Unclaimed Property Tax Requires life insurers to semi-annually perform a comparison of its in-force policies, annuities, and retained asset accounts issued in state against a Death Master File. If an insurer learns of the possible death of a person, through a Death Master File match or otherwise, then the insurer shall within 90 days validate the death and payment shall be made to the beneficiary or the state as unclaimed property. Passed, effective 07/01/

18 Illinois S 3285: Insurance Assessment Provides that insurers shall collect a $1 surcharge upon each vehicle covered by a liability insurance policy to fund homeland security initiatives established by the Law Enforcement Alarm System Governing Board. Session adjourned, failed to pass. S 3324: Non-admitted Insurance Beginning January 1, 2015, will impose a 3.5% self-procurement tax on those premiums paid to a non-admitted insurance company, including captives. Passed, 08/15/2014 effective as noted. 18

19 Illinois S 3660: Unclaimed Property Requires all authorized insurers regulated by the DOI to check the Death Master File quarterly and to undertake good faith efforts to locate and pay beneficiaries' proceeds under unclaimed life insurance policies, annuity contracts, and retained asset accounts issued in the State or to remit such proceeds as unclaimed property to the appropriate jurisdiction if the beneficiaries are unable to be located or paid. Session adjourned, failed to pass. Adm. Code : Income Tax Treats assignment of lottery prizes as allocable nonbusiness income for payments received in taxable years ending on or after December 31, Effective retroactively to 01/01/

20 Illinois U.S. Liability Insurance Co. v. Illinois Department of Insurance, 2014 IL App (4th) ; Docket No , 03/03/2014 Opinion filed 05/09/2014 Invalidates the DOR regulation that requires the retaliatory tax computation of income tax on a paid basis. 20

21 Indiana H 1020 & H 1215: General Tax Requires state review of all tax incentives every 5 years to ensure they are meeting their intended goals and that their costs are included in the budget. By Nov. 1 of each year, the commission must submit a final report to the Legislative Council that includes a recommendation as to keep credits. Passed effective 07/01/2014. S 220: Unclaimed Property Tax Requires an insurer, at least once every six months, to perform a comparison of in-force life insurance policies, annuities, and retained asset accounts issued after June 30, 2015, against a death master file. Insurer is required within 90 days to confirm the person's death and determine the benefits due under the policy. Passed, effective retroactively to 07/01/

22 Indiana DOI Bulletin 206 & 211: Premium Tax All insurance companies must submit their annual premium tax, quarterly estimated tax, and annual renewal fees and payments electronically through OPTins. Effective January 1, 2015 and then postponed to 03/31/

23 Iowa H 2333: Unclaimed Property Requires life insurers to conduct semi-annual verification against the death master file. Session adjourned, failed to pass. 23

24 Kansas H 2506: General Tax Provides for a tax credit for the low income students scholarship program against income tax, privilege tax and premium tax. The credit is 70% of the amount contributed to a scholarship granting organization and total credits cannot exceed $10 million per tax year. Passed, effective 01/01/2015. H 2625: General Tax Would eliminate all income taxes and replace that revenue with a vastly expanded sales tax on services (referred to in the bill as a consumption tax). The consumption tax would’ve applied to insurance. Session adjourned, failed to pass. 24

25 Kentucky H 170: Premium Tax Provides an exemption from any local government tax or fee on premiums paid to insurance companies or surplus lines brokers by nonprofit self- insurance groups or self-insurance entities whose membership consists of cities, counties, charter county governments, urban-county governments, consolidated local governments, unified local governments, school districts, or any other political subdivisions of the commonwealth. Passed, effective 07/15/2014. H 315: Premium Tax Authorizes imposition of local government premium tax, not to exceed 0.5%, on single premium bank-owned life insurance that meets the Internal Revenue Code definition of a modified endowment contract. Session adjourned, failed to pass. 25

26 Kentucky H 432: Premium Tax Exempts premiums paid to an insurance company or surplus lines broker by nonprofit self-insurance groups whose membership consists of school districts from the municipal premium tax. Passed, effective 07/15/

27 Louisiana H 663: General Tax Makes numerous changes to the 2013 Amnesty Act, including: 1.expands the application of the amnesty program to make delinquent taxes eligible for amnesty in 2014 and 2015; 2.changes the provisions governing waiver of accrued penalties and interest for 2014 [100% of penalty/50% of interest] and 2015 [33% of penalty/17% of interest] 3.prohibits the DOR from implementing any new amnesty program, after the 2015 amnesty period, before January 1, Passed, effective 08/01/2014. Also see Revenue Information Bulletin

28 Maine H 1349 (LD 1858): General Tax Restores the amount of the Pine Tree Development Zone credit available against income and/or premium tax to the percentages in effect prior to changes made by legislation in Enacted by overriding the governor’s veto, effective 01/01/2014. S 673 (LD 1707): Premium Tax Clarifies that the updated allocation rates for the fire investigation and prevention tax apply for five years as determined by the DOI. The first such determination occurred in 2013 and applies to the subsequent five years. Passed, effective 07/15/

29 Maryland H 797 / S 690: Unclaimed Property Tax Would exclude life policies issued before October 1, 2013; requires life insurers to establish procedures for periodically contacting insureds; and requires the DOI to develop and implement by June 1, 2015, a lost policy finder system. Session adjourned, failed to pass. 29

30 Massachusetts S 1314: Income Tax Would impose income tax on insurers to the extent of certain flow-through income if the insurer owns, directly or indirectly, 50% or more of the interests in an entity treated as a partnership or disregarded entity that is engaged in a non-insurance trade or business in Massachusetts. Session adjourned, failed to pass. H 4001: General Tax 2015 Budget Bill includes the following tax provisions: 1) authorizes a tax amnesty program [waiver of penalty but not interest] for most taxes administered by the DOR for 2 months in fiscal year 2015; and 2) provides a property tax exemption for certain financial institutions including insurers [foreign insurers to the extent their home state provides a similar provision] Passed, effective retroactively to 07/01/

31 Michigan H 4003: General Tax Allows the State Treasurer to compromise all or any part of any payment of a tax, including any related penalties and interest. Passed, effective 01/01/2015. H 4467: Insurance Regulation Exempts regulation of service contracts under insurance code. Passed, effective 04/10/

32 Michigan Self-Insurance Institute of America, Inc. v. Snyder, et al., U.S. Ct. App., 6th Cir., Dkt. No , 08/04/2014 The U.S. Court of Appeals for the Sixth Circuit has held that the Michigan Health Claims Assessment Act is not preempted by the federal Employee Retirement Income Security Act of 1974 (ERISA). 32

33 Michigan Commerce and Industry Insurance Co. v. Department of Treasury, Cert denied, U.S. S. Ct. Dkt , 05/27/2014. The U.S. Supreme Court declined review on a decision by the Michigan Court of Appeals holding that three different assessments placed on insurance companies doing business in New York constituted a "burden" for purposes of Michigan’s retaliatory tax, so that the Michigan retaliatory tax applied to the entire amount of the assessments placed on insurers under the relevant New York laws. Note this involved the New York's Workers' Compensation board, the Special Disability Fund, and the Reopened Case fund, each of which specifically provided that charges were to be assessed on and collected from the insurers, but that the insurers shall collect such assessments from their policyholders through a surcharge. 33

34 Mississippi S 2796: Insurance Regulation Creates the unclaimed life insurance benefits act, which requires an insurer to perform a comparison of its in-force policies, annuities and retained asset accounts issued in this state against a death master file to identify potential death master file matches. Provides that once proceeds are reported and remitted, the insurer shall be indemnified from any liability to any person relating to the policies. Passed, effective 03/24/

35 Mississippi H 799: Income Tax Authorizes the use of alternative methods to apportion, for income tax purposes when standard methods do not fairly represent taxpayer activity. Requires the DOR to establish regulations clarifying when they have authority to force combinations. Reduces penalties/interest related to appeal actions. Passed, effective 01/01/

36 Mississippi S 2024: Premium Tax Revises the schedule of estimated premium tax payments and specifies a percentage of the annual estimated liability due with each installment as follows: 1) January 1 through March 31, 25% is due April 20; 2) April 1 through May 31, 16.7% is due June 20; 3) June 1 through June 30, 8.3% is due July 20; 4) July 1 through September 30, 25% is due October 20; and 5) balance is due with the annual return on March 1. Provides that failure to file or pay the tax results in a 10% penalty and interest of 1% per month. Passed, effective 01/01/

37 Mississippi S 2380: Premium Tax Increases the tax on gross premium receipts of fire policies to 1.0% each for funding of the office of state chief deputy fire marshal and state fire academy (each was 0.5%). Session adjourned, failed to pass. S 2796: Unclaimed Property Tax Creates the unclaimed life insurance benefits act, which requires an insurer to perform a comparison of its in-force policies, annuities and retained asset accounts issued in this state against a death master file. Also provides that once proceeds are reported and remitted, the insurer shall be indemnified from any liability to any person relating to the proceeds reported and remitted. Passed, effective 03/24/

38 Missouri H 1459 / S 729: General Tax Creates a new tax credit against income, franchise, bank and premium tax equal to 50% of donations to innovation campuses to advance learning in the areas of science, technology, engineering, and mathematics. The credit is not refundable but may be transferred or carried forward for 4 years. Passed, effective 01/01/2015 and will expire in 2021 if not renewed. S 829: General Tax Places the burden of proof in all tax disputes on the DOR, no matter the size of the company in the dispute, in effect removing the DOR's current exemption in disputes with companies with more than 500 employees and a net worth of more than $7 million. Passed, effective 08/28/

39 Nebraska L 191: General Tax Creates a tax credit available against income tax, premium tax or the financial institutions tax for rehab of historically significant real property. The credit, which may be claimed for tax years beginning or deemed to begin on or after January 1, 2015, is available in an amount equal to 20% of eligible expenditures, up to a maximum credit of $1 million with a state cap of $15m. A person may transfer, sell, or assign up to 50% of the tax credits. Passed, effective 07/18/

40 Nevada A 3 (SS): Premium Tax Phases out the insurance premium tax credit allowed to insurers having a home office or regional home office in the state, reducing the total state wide credit to $5m effective January 1, 2016 and in total repeal on January 1, 2021, the home office credit is repealed. Passed, effective as noted. Ballot Measure 3: Margins Tax Would impose a 2% margin tax on businesses with more than $1 million in annual profits to finance K-12 education, with no exclusion for insurance entities. Defeated by general populace vote. 40

41 New Mexico S 56: Premium Tax Revised the calculation of quarterly insurance premium tax estimated tax payments to be equal to at least 25% of the prior year liability or 20% of the current year liability (previously 80% of the current year liability), whichever is greater. Passed, effective 07/01/

42 New York A 8559 / S 6359: General Tax Sweeping tax reform includes: 1.Repeal of bank tax and subject FIs to regular corporation tax; 2.Implement of economic nexus; 3.Eliminates the alt income tax and subsidiary capital tax from the regular corporation tax and makes changes to the standard tax base; 4.Reduces the corporate tax rate from 7.1% to 6.5%; 5.Permanently adopts the MTA surcharge; 6.Implements market based sourcing for apportionment; 7.Requires mandatory water-edge unitary filings 8.Eliminates NOL carryback, permits 20 year carryforward and creates a credit for existing NOLs. Passed, generally effective 01/01/

43 New York Advisory Opinion TSB-A-08(3.1)C: Premium Tax Modified opinion to match the position in TSB-M-12(4)C; unauthorized life insurance corporations are subject to tax under Article 33 of the Tax Law without the 2% limitation of N.Y. Tax Law § Issued 07/02/2014. Per In the Matter of Aetna, Inc., NYC TAT, ALJ Division, TAT(H)12- 3(GC), 07/22/2014 HMOs were deemed doing an insurance business in New York State and, therefore, were not subject to the NYC general corporation tax and not includable in the taxpayer's combined tax return report for the period at issue. 43

44 North Carolina H 680: Premium Tax Creates a new markets premium and retaliatory tax credit for qualified low- income community investments. The credit is 0% for the first two credit allowance dates, 12% for the next three credit allowance dates, and 11% for the following two credit allowance dates. Passed, effective for investments purchased after 01/01/

45 Ohio H 5: Income Tax Would create sweeping municipal income tax reforms and provide greater uniformity between jurisdictions. Pending H 117: Captive Insurance Authorizes captive insurance companies to operate in Ohio. The premium tax on captives is due March 2 nd and is based on premiums collected at 0.35% of net-direct premiums and 0.15% of revenue from assumed reinsurance premiums with an annual minimum tax of $7,500 and the maximum of $250,000. Passed, effective 09/17/

46 Ohio H 492: General Tax Provides that payment or documents sent to ODT by mail, personal service, or electronically shall be considered received on the date of the postmark placed by the postal or delivery serve, the date the document was received in ODT during business hours by personal delivery, or the date on the time stamp assigned by the electronic system receiving the payment or document. Also allows tax and economic development authorities to share information about the tax status of companies applying for tax credits for keeping or retaining jobs. Passed, effective 07/01/

47 Oklahoma H 3287: Unclaimed Property Would create the Unclaimed Life Insurance Benefits Act and require insurers to check the death maser file and creates requirements that interest be payable to beneficiaries or escheat to the state, and an exemption from liability for certain insurers. Session adjourned, failed to pass. S 2128: General Tax Authorizes a LIHC against the income, bank or premium tax, to match the federal program under IRC §42 and the program permits $4m statewide per year. Passed, effective 06/03/

48 Oregon Rent-A-Center, Inc. et. al. v. Oregon Department of Revenue, Or. Tax Ct., No. TC -MD D (4/23/14) Held that shared officers among related entities did not satisfy the unitary requirement of centralized management or executive force. Additionally, an out-of-state entity was not ‘doing business’ in Oregon when two of its employees spent a total of four days in the state inspecting franchisee operations and providing training. Finally, a captive insurance company was deemed unitary with its parent’s combined group due to the economies of scale enjoyed by the group. 48

49 Pennsylvania H 1513: Municipal Tax Specifies that the local-level business privilege tax may be levied on a business if it conducts transactions within the taxing jurisdiction on all or part of at least 15 calendar days per year or if the business maintains a base of operations in the local taxing jurisdiction. Passed, effective 01/01/2014. H 2188: General Tax Would suspend numerous tax credit programs for 2 years in an effort to help close a $1.5 billion budget deficit, including among others: 1) property and casualty insurance guarantee association credit; 2) research and development credit; 3) job creation credit; 4) neighborhood assistance credit; and 5) keystone zone credits. Pending 49

50 Pennsylvania Title 61 § 5.3: General Tax Regulation was amended to lower the threshold for payment of taxes other than personal income tax by EFT from $10,000 to $1,000. Taxpayers subject to the electronic payment requirement must remit the payments by automated clearing house (ACH) debit, ACH credit or credit card. Effective 01/01/

51 Puerto Rico Act : Income Tax Among other tax provisions, increases the audited supplementary information (specifically a breakdown of business income) to be included with the tax return for businesses that exceed $3m of transactions. Passed, effective retroactively to 01/01/2013. Deferred until tax years beginning after 03/31/2013 per Administrative Determination (12/27/2013) Deferred indefinitely per Administrative Determination The DOR will notify the market once the system for filing is available through an informative bulletin and will give 60 days from the date the system is available for filing the schedules. (08/11/2014) 51

52 Rhode Island H 7031: Insurance Regulation Creates the Unclaimed Life Insurance Benefits Act and requires insurers to check the master death file semi-annually and report unclaimed funds within 90 days. Passed, effective January 1,

53 Tennessee Ace American Insurance Co. et. al. v. Tennessee, Tenn. Ct. App., Dkt. No. M COA-R3-CV, 07/31/2014 The Court of Appeals has ruled against the insurers on challenges by several Pennsylvania and New York insurance companies for the imposition of retaliatory tax for workers compensation assessments. The insurance companies claimed that the state assessments were not imposed upon Tennessee based insurance companies because such charges were passed through to policyholders. 53

54 Texas Tax Policy News: Premium Tax On November 20, 2014, the Comptroller is hosting a limited insurance tax roundtable discussion on how the retaliatory tax is calculated by insurers domiciled in the State of New York, with discussion centered on the computation of the Metropolitan Commuter Transportation District allocation percentage on New York Form CT-33-M. Issued 11/03/

55 Utah S 233: Premium Tax The Small Business Jobs Act creates a nonrefundable premium and retaliatory tax credit. The credit is a percentage of the investment in a qualified community development entity per the Office of Economic Development and runs over a 7 year period. The credit does not apply against the tax on workers' compensation insurance. Additionally, clarifies that the “in lieu of” provisions is for insurers “subject to” the premium tax (previously required payment). Passed, effective 09/02/2014 with credits beginning

56 West Virginia West Virginia v. Nationwide Life Insurance Co. et al.; Civil Action Nos. 12-C C-296; 12-C C-381; 12-C C-447 (12/27/2013) A West Virginia circuit court has determined that for purposes of the Uniform Unclaimed Property Act, life insurance companies do not have an obligation to conduct annual searches of the Social Security Administration's Death Master File to determine whether policyholders are deceased. 56

57 Wyoming H 83: General Tax Creates an insurance premiums tax credit for the cost of any benefits paid by an insurer for the treatment of inherited enzymatic disorders. The credit is only available for the costs of benefits paid through June 30, Passed, effective 03/04/

58 Electronic Filing News Hawaii May switch to OPTins for electronic filings; electronic filing for Hawaii has still been going through Premium Pro directly to the state. Louisiana In addition to being able to file returns online (Forms 1061 and 1076), taxpayers will be able to electronically file returns via Premium Pro for the 2014 tax year. New York Electronic Filing (via an approved software vendor) will apply to CT 33 Filers for the 2014 tax year; details are still pending. 58

59 Questions? This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. This document was not intended or written to be used, and it cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties. This document has been prepared pursuant to an engagement between PricewaterhouseCoopers LLP and its Client and is intended solely for the use and benefit of that Client and not for reliance by any other person. © 2014PwC. All rights reserved. In this document, "PwC" refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. 59 Special thank you and alternative contact: Melissa Gasior Tax Manager (312)


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