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Subchapter 001: GENERAL PROVISIONS
§ 8101. Imposition of tax
A State tax for the payment of State expenses is hereby assessed upon the property,
business, or corporate franchises of railroad, insurance, guaranty, transportation,
mortgage, loan, or investment companies and shall be payable in money to the Commissioner
of Taxes for the use of the State as hereinafter provided. (Amended 1997, No. 156 (Adj. Sess.), § 10, eff. April 29, 1998.)
§ 8102. Taxes a lien
All taxes imposed by this chapter shall be a first lien upon all property of the person
or corporation required to pay such taxes, except as otherwise provided in this chapter,
until the same are fully paid. All persons or corporations that purchase or otherwise
acquire title to any of such property, except in the due course of business for which
such corporation owning the same has been chartered, shall be liable to the State
for all such taxes due or accrued at the time of such purchase or transfer of title.
§ 8121. Formulation and distribution of returns
The Commissioner shall formulate forms requiring the statement of facts necessary
to determine the amount of each tax prescribed in this chapter. On request, he or
she shall furnish such forms by mail or otherwise to each person or corporation required
to pay such tax. If he or she deems it necessary, he or she shall furnish forms to
any person who may have acted as an agent or broker in this State for a foreign insurance
or guaranty company not making returns to this State for the purpose of taxation,
or who within this State may have solicited, arranged for, or effected a contract
of insurance, guarantyship, or suretyship for another person with such foreign company.
§ 8122. Execution of returns
A person or corporation required by this chapter to pay a tax and all persons or corporations
to whom the Commissioner sends forms shall fill out such forms, answer all interrogatories
therein contained, and return the same as hereinafter provided. Such forms, so filled
out, shall be subscribed and sworn to by the person making the return, if made by
an individual or firm or, if made by a corporation, by its clerk, treasurer, or other
proper officer.
§ 8123. Time and place of filing
One copy of the form filled out and sworn to as provided in section 8122 of this title shall be returned at the expense of the party making the same to the Commissioner,
and one copy shall be retained by the person or corporation making the return. When
required to be made annually, such return shall be made and filed, except as otherwise
provided in this chapter, on or before September 15 for the fiscal year ending with
June 30 next preceding. When required to be made semiannually, such return shall
be made and filed, except as otherwise provided in this chapter, on or before March
15 and September 15 for the semiannual periods ending with the last day of December
and June next preceding, respectively.
§ 8124. Time for payment of tax
Within 30 days after making returns, except as otherwise provided in this chapter,
the person or corporation making same shall forward to the Commissioner the amount
of the annual or semiannual tax for the period covered by the returns.
§ 8141. Examination of documents
The Commissioner may examine any book, record, or paper of a corporation or person
required by this chapter to make returns and pay a tax, concerning any matter as to
which information is required to carry out the provisions of this chapter.
§ 8142. Examination of officers, agents, and stockholders
On application of the Commissioner, a Justice of the Supreme Court or a Superior judge
shall designate a master who may cite any officer, stockholder, agent, or clerk of
a corporation or person required by this chapter to make returns or pay a tax to appear
before him or her for examination upon oath by the Commissioner or to produce any
book, record, or paper for inspection by the Commissioner concerning any matter as
to which information is required to carry out the provisions of this chapter. By
order of such Justice or judge, such testimony may be taken stenographically and transcribed
in whole or in part for the use of the Commissioner, at the expense of the State.
The fees and necessary expenses of a master so designated shall be fixed by the Justice
or judge making the designation and paid by the State.
§ 8143. Form and service of citation for examination
Such citation shall issue and be served like a writ of summons and shall require the
person therein named to appear within a reasonable time that shall be stated therein.
When books, records, or papers are required to be produced, the same shall be designated
in the citation. When it appears during a hearing that an inspection should be had
of books, records, or papers other than those named in such citation, the master may
order that such books, records, or papers be forthwith produced for such inspection
by the Commissioner.
§ 8144. Witness fees
Excepting an officer, stockholder of a corporation, or a person required by this chapter
to file a return and pay a tax, a person cited to appear before a master, designated
pursuant to section 8142 of this title, shall be allowed the same attendance and travel fees as witnesses in Superior Court.
Such fees shall be paid by the State on the certificate of the Commissioner. (Amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)
§ 8145. Failure to appear, be sworn, or testify
An officer, agent, clerk, or person who refuses to appear and be sworn or to testify
as required by article 3 of this subchapter or to show the Commissioner the books,
records, or papers as required by article 3 of this subchapter shall be fined not
more than $5,000.00 nor less than $500.00.
§ 8146. Additional tax; refunds
When the Commissioner finds that, owing to the incorrectness of a return or any other
cause, a tax paid pursuant to this chapter is too small, he or she shall assess an
additional tax sufficient to cover the deficit and shall forthwith notify the parties
so assessed. The administrative provisions of chapters 103 and 151 of this title shall
apply to assessments and refund claims under this chapter, including those provisions
governing interest and penalties in section 3202 of this title, appeals, and collection of assessments. (Amended 2015, No. 57, § 87, eff. June 11, 2015; 2015, No. 134 (Adj. Sess.), § 18, eff. May 25, 2016.)
§ 8147. False swearing outside the State
When an officer of a corporation whose returns to the Commissioner are sworn to in
another state willfully makes a false statement as to a material fact required in
such returns, such corporation shall forfeit to this State the sum of $300.00.
§ 8148. False swearing
A person who willfully swears falsely to any return, statement, or certificate mentioned
in this chapter or upon an examination before a master as provided in section 8142 of this title shall be guilty of perjury.
§ 8162. Foreign corporations
When a foreign insurance, surety, or guaranty company, or an agent thereof fails to
make returns or to pay the taxes as required in this chapter, the Commissioner shall
notify the Commissioner of Financial Regulation thereof, who shall thereupon revoke
the license of such company and its agents to do business in this State. Notice in
writing of such revocation shall be mailed by the Commissioner of Financial Regulation
to such company addressed to its principal office or place of business in the United
States and to the Commissioner of Taxes. In the discretion of the Commissioner of
Financial Regulation, such notice may be sent by mail or otherwise to any or all of
the agents of such company residing in this State. The license of foreign loan, mortgage,
or investment companies in like manner and for like causes shall be revoked by the
Commissioner of Financial Regulation, and like notice thereof shall be given by such
Commissioner. (Amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)
§ 8171. Recovery of taxes and penalties
Taxes imposed by this chapter may be recovered in the name of the State in a civil
action, on the statute imposing them, returnable to any Superior Court. The penalties
so imposed may be so recovered in a civil action on the statute imposing them. The
amount of taxes assessed or penalties accrued up to the time of trial may be recovered
in such suit, but a court wherein an action is pending to recover a forfeiture, in
its discretion, may remit such part thereof as it shall deem just and equitable in
the circumstances. The State shall not be required in any proceeding under this chapter
to furnish recognizance or bond for costs, nor injunction bonds. Upon final judgment,
the court may make such order relating to the payment of costs, by the State or the
defendant, as it shall deem just and equitable. (Amended 1965, No. 194, § 10, operative February 1, 1967; 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 2009, No. 154 (Adj. Sess.), § 219.)
§ 8172. Inconsistent laws repealed
So much of the charter of any corporation or company organized under the laws of this
State as exempts such corporation from taxation, so far as it conflicts with this
chapter, is hereby repealed.
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Subchapter 002: RAILROADS
§ 8211. Rate of tax and time of payment
(a) For each taxable year, there is assessed upon the appraised value of the property
and corporate franchise of each person or corporation owning or operating a railroad
located in whole or in part within this State a tax at the rate of one percent. The
appraised value shall be obtained and established as provided under this subchapter.
One-half of the tax imposed by this section, covering the six months ending with June
30 in each year, shall be paid to the Commissioner on or before the following October
15 by the person or corporation then owning or operating the railroad. The remaining
one-half of the tax covering the six months ending with December 31 in each year shall
be paid to the Commissioner on or before the following April 15 by the person or corporation
then owning or operating the railroad.
(b) Not later than May 15 in each year, the State shall pay to each town wherein railroad
real estate is located 50 percent of that portion of the tax revenue that has been
collected upon the property of the railroad in that town for the immediately preceding
taxable year. Delinquent taxes, when collected, shall be treated in the same fashion. (Amended 1971, No. 79, § 1, eff. date, see note set out below; 2021, No. 105 (Adj. Sess.), § 568, eff. July 1, 2022.)
§ 8212. Liability of lessees
When a railroad is operated in this State by a person or corporation under a lease
or other contract, taxes assessed thereon under the provisions of section 8211 of this title shall be paid by the lessee of such railroad or holder of such contract and be charged
against and deducted from any payment due or to become due under such lease or contract,
unless it is otherwise expressly stipulated therein.
§ 8241. Annual report required; contents
A person or corporation owning or operating a railroad located in whole or in part
in this State, annually, on or before July 1, shall file with the Commissioner a sworn
copy of the Interstate Commerce Commission report and, upon forms to be prepared and
furnished at the expense of the State, a report for the year ending December 31 next
preceding. The report shall show, among other things, the amount of gross and net
earnings of the person or corporation. If any portion of such railroad is outside
this State, the returns shall give the amount of gross and net earnings per mile of
the road; the length of the entire main line of road and the number of miles thereof
in this State; the kind and weight of rail used on its main line; the kind and number
of ties per mile; the kind of ballast; the number of miles of side and spur tracks;
a list of its equipment; the amount and the value of its capital stock; its funded
and floating debt; its surplus; its bonds secured by mortgage or other securities
on the property of such person or corporation; the market value of its stock and bonds;
and the amount of dividends, interest, or indebtedness paid annually or semiannually.
If a railroad is leased and operated by the lessee, the returns shall also give the
amount paid for the rental of the railroad and any other matter required by the Commissioner
to carry out the provisions of this chapter. Whenever required in writing by the Commissioner,
the person or corporation shall render a sworn statement of other and further facts
relating to its financial or physical condition as shall be required in making the
appraisal under this subchapter. (Amended 1975, No. 43, § 1, eff. April 14, 1975; 2021, No. 105 (Adj. Sess.), § 569, eff. July 1, 2022.)
§ 8242. Reports on fiscal year basis
The Commissioner may permit a person or corporation required to report to him or her
under the provisions of section 8241 of this title, which has an established system of bookkeeping or accounting covering a fiscal year
ending at a time other than December 31, to make its report covering its fiscal year
last prior to the time of making such report in lieu of the fiscal year ending December
31. (Amended 1975, No. 43, § 2, eff. April 14, 1975.)
§ 8261. Railroad property
The words “property acquired, constructed, or used for railroad business or purposes”
as used in this chapter and except as otherwise provided shall include all franchises,
rights-of-way, roadbeds, tracks, bridges, stations, terminals, rolling stock, equipment,
and all other real and personal property of whatever character used or employed in
the operation of a railroad or in conducting its business and shall include all title
and interest in such property as owner, lessee, or otherwise.
§ 8281. Railroad operating wholly in State
The Director shall appraise at its fair and just value all property acquired, constructed,
or used for railroad business or purposes held, possessed, or owned by a person or
corporation operating a railroad located entirely within this State. (Amended 1977, No. 105, § 14(a).)
§ 8282. Road operating within and outside the State
When a person or corporation operates a line of railroad located partly within and
partly outside this State, except as otherwise provided, the Director shall appraise
at its fair and just value all property within this State acquired, constructed, or
used in this State for railroad business or purposes held, possessed, or owned by
the person or corporation operating the line of railroad. In making the appraisal,
the Director may take into consideration the value of the entire railroad system operated
by the person or corporation; the mileage both within and outside this State; its
engines, cars, and other equipment; and other information, facts, and circumstances
as will aid the Director. (Amended 1977, No. 105, § 14(a); 2021, No. 105 (Adj. Sess.), § 570, eff. July 1, 2022.)
§ 8283. Single or separate appraisals
In appraising the property specified in sections 8281 and 8282 of this title, except as otherwise provided, the Director may include in a single appraisal and
valuation all such property so held, possessed, or owned by such person or corporation.
In his or her discretion, he or she may include in two or more separate appraisals
and valuations such portion or portions of such property so held, possessed, or owned
by such person or corporation as he or she shall designate. As hereinafter provided,
he or she shall make a record of such separate appraisals and valuations and of the
aggregate appraisals and valuations of each person or corporation. (Amended 1977, No. 105, § 14(a).)
§ 8284. Appraised value as true value
For the purpose of taxation under the provisions of section 8211 of this title, such appraised valuation when made as aforesaid, except as otherwise provided, shall
be taken to be the true value of such properties and franchises within this State
so acquired, constructed, or used.
§ 8285. Defective, insufficient, or invalid appraisals
When for any cause an appraisal required under the provisions of this article or article
6 of this subchapter is omitted or is found to be defective, insufficient, or invalid,
the Director thereupon may make a new appraisal of the property whose appraisal has
been so omitted or is defective, insufficient, or invalid. A record of such appraisal
on the date thereof shall be made in the manner provided in section 8341 of this title and notice thereof given to the person or corporation specified in section 8343 of this title. (Amended 1977, No. 105, § 14(a).)
§ 8286. Property exempt from appraisal
The aforesaid appraisals shall not include the following classes of property owned
by railroad companies: tenement houses and the lands whereon the same are located;
lands or buildings leased to or occupied by another person or corporation for other
than railroad purposes; timber, farming, meadow, or pasture lands; and water power
or electric plants not used for railroad purposes. The section of the North Stratford,
New Hampshire to Beecher Falls, Vermont railroad line owned by the State of New Hampshire
and situated in the Town of Canaan shall be exempt from taxation under this subchapter
when this section of railroad line is used solely for public recreation purposes,
and not for railroad purposes, during the entire taxable year. Each railroad company
that owns property coming within the scope of this section shall maintain with the
clerk of each town or city wherein such property is located a certified list describing
all such property within the town or city. When the status of any railroad property
changes, the railroad shall notify forthwith the town clerk in the town where the
property is located of such change. (Amended 1959, No. 28, eff. March 11, 1959; 1989, No. 222 (Adj. Sess.), § 32, eff. May 31, 1990.)
§§ 8301-8306. Repealed. 1997, No. 156 (Adj. Sess.), § 11, eff. April 29, 1998.
§ 8321. General rule
All appraisals made under the provisions of article 4 of this subchapter shall be
made in each even year on or before December 31. (Amended 1975, No. 43, § 3, eff. April 14, 1975; 1997, No. 156 (Adj. Sess.), § 12, eff. April 29, 1998.)
§ 8322. Subsequent appraisals
(a) When, subsequent to the date whereon such appraisals are required to be made, trains,
other than construction trains, commence running on a railroad located in whole or
in part within this State or on any extension or branch of a railroad theretofore
appraised, on or before December 31 in the year in which such trains so commence running,
the Commissioner shall appraise such railroad, extension, or branch in the manner
hereinbefore provided for appraising such property.
(b) When, subsequent to the time thereof appraisals are required to be made in an even
year, a person or corporation operating a railroad constructs, acquires, or begins
to use one or more electric power plants subject to the appraisal under the provisions
of article 4 of this subchapter, the Commissioner shall, on or before December 31
in the year in which such plant was constructed, acquired, or first used in whole
or in part for railroad purposes, appraise such plants in the manner hereinbefore
provided for appraising such property.
(c) If, during the period between the appraisals, extensive repairs, improvements, or
additions through acquisition or new construction have been made to the property of
a railroad operating in this State, or if during such period there has been a large
depreciation in the value of the property of such a railroad by reason of fire, flood,
or other accident or disaster, or by reason of abandonment of lines or tracks, on
or before December 31 in any odd year, the Commissioner may increase or decrease the
amount of the last appraisal as he or she deems just. Notice of such action of the
Commissioner, shall be given, and a party aggrieved thereby may appeal in the manner
provided in respect to the regular biennial appraisals, and the taxes payable on or
before October 15 next following and thereafter, until a new appraisal becomes effective,
shall be based on such increased or decreased appraisal. (Amended 1997, No. 156 (Adj. Sess.), § 13, eff. April 29, 1998.)
§ 8341. Record of appraisals
On or before January 15 following any appraisal made under the provisions of articles
4 and 6 of this subchapter, the Commissioner shall make a record thereof in a book
kept in the Commissioner’s office for that purpose. (Amended 1997, No. 156 (Adj. Sess.), § 14, eff. April 29, 1998.)
§ 8342. Sufficiency of record and notice
A record of notice of such appraisals showing, among other things, that all of the
property within this State acquired, constructed, or used for railroad business or
purposes and held, possessed, or owned by a person or corporation so operating a railroad,
other than such as is enumerated in section 8286 of this title, has been appraised at the amount therein named, shall be deemed a sufficient and
valid record and notice.
§ 8343. Notice of appraisal; time appraisal in force
On or before January 15 following such appraisals, the Commissioner shall notify in
writing, by mail or otherwise, every person or corporation operating a railroad located
in whole or in part within this State of the amount of all appraisals of property
so operated by them and required to be appraised under the provisions of articles
4 and 6 of this subchapter and the amount of taxes annually assessed therein. Failure
on the part of the Commissioner to give such notice, or of the person or corporation
to receive the same, shall not invalidate such appraisal. An appraisal of such property
made pursuant to the provisions of this chapter shall remain in full force and effect
until a subsequent appraisal has been lawfully made and established. (Amended 1997, No. 156 (Adj. Sess.), § 15, eff. April 29, 1998.)
§ 8344. Definition of representative; notice
The person or corporation operating a railroad in this State shall be the representative
of every title and interest in property acquired, constructed, or used in the operation
and business thereof as owner, lessee, or otherwise. Notice to the operating person
or corporation shall be notice to all interests in the railroad property for the purpose
of taxation. The appraisal and taxation of property so acquired, constructed, or
used in the name of the owner, lessee, or operating person or corporation shall be
deemed an appraisal and taxation of all title and interest in such property of every
kind and nature.
§ 8361. General rules for appeals
(a) A party aggrieved, including the State represented by the State Treasurer, on or before
February 15 following such an appraisal, may appeal therefrom to a Superior judge
designated by the Chief Superior Judge, not excluding themselves, who shall hear such
appeal.
(b) In the manner prescribed in this section and within 15 days from the date of notice
prescribed in section 8285 of this title, appeals to the Superior judge may be taken from appraisals made agreeably to the
provisions of such section 8285. Such proceedings shall be had in relation thereto
as are prescribed in this section and section 8362 of this title and shall be heard and determined within 60 days from the date whereon the same are
instituted.
(c) Such Superior judge shall appraise at its fair and just value all property required
to be appraised by the Commissioner under the provisions of sections 8281-8286, 8321, and 8322 of this title, from the appraisal of which an appeal has been taken. Such appraisal shall be made
pursuant to the provisions of this chapter and shall stand in lieu of the appraisal
made by the Commissioner from which such appeal is taken.
(d) Upon establishing its appraisal, such Superior judge shall notify, in writing, the
State Treasurer and the Commissioner of the amount thereof, and a record thereof shall
be made by the Commissioner in the book wherein appraisals of railroad property are
recorded. Notice in writing shall likewise be given to the person or corporation operating
the property thus appraised.
(e) A party aggrieved by any action of the Superior judge may appeal to the Supreme Court. (Amended 1971, No. 185 (Adj. Sess.), § 232, eff. March 29, 1972; 1973, No. 106, § 13, eff. May 25, 1973; 1979, No. 181 (Adj. Sess.), § 19; 1997, No. 156 (Adj. Sess.), § 16, eff. April 29, 1998; 2021, No. 147 (Adj. Sess.), § 29, eff. May 31, 2022.)
§ 8362. Procedure
The judge shall establish rules and regulations relative to the time and method of
hearing and determining appeals as the judge shall deem just, provided that the appeal
shall be finally determined and the appraisal by the judge made and established on
or before June 1 following the appeals. The cost of the appeals shall be paid as the
judge shall determine. The State Treasurer and the Attorney General shall represent
the State in all such appeal proceedings unless the Attorney General is disqualified
to act in the proceedings. In case of disqualification, the State shall be represented
by the State Treasurer and by counsel as the State Treasurer may select with the approval
of the Governor. Selected counsel shall be paid upon a warrant issued by the Commissioner
of Finance and Management. (Amended 1983, No. 195 (Adj. Sess.), § 5(b); 2021, No. 105 (Adj. Sess.), § 571, eff. July 1, 2022.)
§ 8363. Appraisal invalid in part
When an action is pending to recover a tax assessed upon an appraisal made under the
provisions of articles 4 and 6 of this subchapter and it shall be therein determined
that such appraisal is valid in part, the court shall render judgment for so much
of such tax as is based upon that portion of such appraisal so determined to be valid. (Amended 1997, No. 156 (Adj. Sess.), § 17, eff. April 29, 1998.)
§§ 8391-8393. Repealed. 1961, No. 275, § 4, eff. Aug. 1, 1961.
§ 8394. Petition and hearing for relief from taxes
Upon the written petition of any railroad corporation operating a railroad located
in whole or in part within this State, setting forth that the financial condition
of such corporation is such that the payment of any taxes assessed against it under
the provisions of this chapter would imperil the continued operation of such railroad
and would be detrimental to the general good of the State, the Public Utility Commission
shall fix a time and place for hearing thereon and give due notice thereof, including
notice to the Attorney General who shall attend such hearing and represent the interests
of the State. (Amended 1961, No. 275, § 1, eff. Aug. 1, 1961.)
§ 8395. Findings
Upon hearing, if the Commission finds that the enforced payment of the taxes would
imperil the continued operation of the railroad and that the suspension of collection
thereof would promote the general good of the State, it shall certify its findings
to the Governor in writing, together with its recommendations in connection therewith.
Thereupon, the Governor, by executive order, may suspend the collection thereof for
the period of one year. The suspension may be extended by the Governor from year
to year upon certification of reviewed findings and recommendations by the Commission.
Any unpaid tax, the payment of which is suspended under this section, shall continue
to constitute a first lien upon the property of the railroad in accordance with section 8102 of this title, except that in the case of the sale of a part of the real property of any railroad
whose taxes have been suspended under this section, the Governor, upon recommendation
of the Commission, may release such lien from such real estate sold upon payment of
a reasonable share of the proceeds towards such suspended taxes, and the balance of
taxes remaining shall continue to constitute such a first lien upon the remaining
property of the railroad. (Amended 1961, No. 275, § 2, eff. Aug. 1, 1961.)
§ 8396. Reducing tax claims in reorganization plans
In the event that a plan for the financial reorganization of any such railroad corporation
shall be proposed, involving as an element thereof, a compromise or reduction of the
claim of the State for unpaid taxes, and notice thereof, together with the details
of such plan or reorganization, including the method proposed for the liquidation
of such claim for taxes be given to the Governor, he or she shall forthwith refer
the matter to such Commission, which, with the assistance of the Attorney General,
shall investigate the same and certify its findings in respect thereto to the Governor
in writing, together with its recommendations thereon.
§ 8397. Acceptance of plan
If the Commission finds and reports that the proposed plan of reorganization is fair,
feasible, and practicable; that, if consummated, it will result in the continuous
operation of the railroad for the benefit of the public served thereby; that there
is a reasonable probability that it will be able to pay, when due, all taxes thereafter
assessed against it by the State; that reduction of the claim for unpaid taxes due
the State, in such amount as the Commission may recommend, is essential to the effective
consummation of the plan; that the acceptance of the proposed compromise, the reduction
of the claim in the amount recommended, and the cooperation by the State to the extent
stated in carrying the proposed plan into effect will promote the general good of
the State, the Governor, with the approval of the Emergency Board, may compromise,
adjust, and settle the claim in accordance therewith. (Amended 1961, No. 275, § 3, eff. Aug. 1, 1961.)
§ 8398. Revocation of waiver or compromise upon failure of railroad
Should any such railroad cease operation, whether because of failure of consummation
of any feasible plan of reorganization or for any other reason, then and in such event
the provisions of this article relating to suspension of collection of taxes and to
waiver or remission of penalties or forfeitures shall not be operative. In such case,
the provisions of this chapter relating thereto shall apply in all respects, anything
herein to the contrary notwithstanding.
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Subchapter 007: INSURANCE COMPANIES
§ 8551. Imposition, rate, and basis of tax
A domestic or foreign insurance company, association, or society, other than life,
or a surety or guaranty company, doing business in this State, shall pay a tax to
the State, which is hereby assessed at the rate of two percent per annum on the gross
amount of premiums and assessments written on its business in this State, but not
including premiums received for reinsurance. A domestic or foreign life insurance
company doing business in this State shall pay a tax to the State, which is hereby
assessed at the rate of two percent per annum on the gross amount of premiums and
assessments collected on its business in this State, but not including premiums received
for reinsurance.
§ 8552. Returns
A domestic insurance company, association, or society, other than life, or surety
or guaranty company shall pay a tax to the State on the gross amount of premiums and
assessments written and not taxed in other states, and shall pay a tax to the State
on the gross amount of premiums and assessments collected and not taxed in other states,
and shall include such business in its returns. A domestic life insurance company
shall pay a tax to the State on the gross amount of premiums and assessments collected
and not taxed in other states and shall include such business in its returns. The
term “taxed in other states” means:
(1)(A) a tax imposed by another state on premiums and paid directly by the company, association,
society, surety, guaranty, or life insurance company to such other state under an
insurance premiums tax of the same general kind as found in chapter 211, subchapter
7 of this title; or
(B) a corporate income or franchise tax in which the premiums taxed under subdivision
(A) of this subdivision (1) are a factor in the computation thereof; or
(2) a tax of the same general kind as found in 8 V.S.A. § 5035, imposed by another state upon surplus lines premiums, which is paid directly or
indirectly to that state by agents or brokers of the Vermont domestic insurer that
is not itself authorized to do business in that state. (Amended 1975, No. 185 (Adj. Sess.), § 1, eff. March 25, 1976.)
§ 8553. Time of payment
Such tax shall be based upon the business of such company, association, or society
during the year terminating with December 31 preceding. It shall be paid quarterly
on or before the last day of the second calendar month following the quarter ending
the last day of March, June, September, and December of each calendar year and shall
be computed either upon the business of such company, association, or society during
the quarter for which the payment is made or upon an estimated basis predicated upon
prior years business, upon forms to be prescribed by the Commissioner of Taxes. Where
the aggregate tax imposed upon a company, association, or society is reasonably expected
to be less than $500.00 for the calendar year, it may be paid on an annual basis not
later than the last day of February following the close of the year. Such company,
association, or society shall annually make a final reconciliation return on or before
the last day of February in the manner provided in section 8123 of this title. (Amended 1975, No. 67, § 1, eff. Jan. 1, 1976.)
§ 8554. Deductions
In determining the amount of taxes to be assessed under the provisions of sections
8551 and 8552 of this title, there shall be deducted from the full amount of such premiums and assessments all
sums paid for return premiums on cancelled policies upon risk located in this State
and dividends actually paid or allowed to policyholders residing therein. Nothing
in this section shall be construed to allow dividends in scrip, in stock, mutual or
mixed companies, or surrender values for life policies to be considered return premiums.
§ 8555. Reciprocal provisions
If another state or country imposes upon or requires of a domestic insurance, surety,
or guaranty company or its agents doing business therein, taxes exceeding those imposed
by this State upon or required of foreign insurance, surety, or guaranty companies
doing business herein, an insurance, surety, or guaranty company organized under the
laws of such other state or country and its agents doing business in this State, shall
be subject to taxes similar to those so imposed in such other state or country, and
the same shall be imposed, required, and enforced as like taxes are under the laws
of this State.
§ 8556. Exemption
For the purposes of this subchapter, a continuing care retirement community certified
under 8 V.S.A. chapter 151 shall not be deemed to be an insurance company or other
entity subject to the tax imposed by this subchapter. (Added 1987, No. 247 (Adj. Sess.), § 2.)
§ 8557. Vermont Fire Service Training Council
(a)(1) Sums for the expenses of the operation of training facilities and curriculum of the
Vermont Fire Service Training Council not to exceed $1,500,000.00 per year shall be
paid to the Fire Safety Special Fund created by 20 V.S.A. § 3157 by insurance companies, writing fire, homeowners multiple peril, allied lines, farm
owners multiple peril, commercial multiple peril (fire and allied lines), private
passenger and commercial auto, and inland marine policies on property and persons
situated within the State of Vermont within 30 days after notice from the Commissioner
of Financial Regulation of such estimated expenses. Captive companies shall be excluded
from the effect of this section.
(2) The Commissioner shall annually, on or before July 1, apportion such charges among
all such companies and shall assess them for the charges on a fair and reasonable
basis as a percentage of their gross direct written premiums on such insurance written
during the second prior calendar year on property situated in the State. The Department
of Taxes shall collect all assessments under this section.
(3) An amount not less than $100,000.00 shall be specifically allocated to the provision
of what are now or formerly referred to as Level I, units I, II, and III (basic) courses
for entry-level firefighters.
(4) An amount not less than $450,000.00 shall be specifically allocated to the Emergency
Medical Services Special Fund established under 18 V.S.A. § 908 for the provision of training programs for certified Vermont EMS first responders
and licensed emergency medical responders, emergency medical technicians, advanced
emergency medical technicians, and paramedics.
(5) The Department of Health shall present a plan to the Joint Fiscal Committee that shall
review the plan prior to the release of any funds.
(b) All administrative provisions of chapter 151 of this title, including those relating
to the collection and enforcement of the income tax by the Commissioner, shall apply
to this section. (Added 1993, No. 87, § 1; amended 1995, No. 180 (Adj. Sess.), § 38(a); 1993, No. 186 (Adj. Sess.), § 29, eff. May 22, 1996; 2001, No. 143 (Adj. Sess.), § 6, eff. June 21, 2002; 2007, No. 190 (Adj. Sess.), §§ 33, 34; 2009, No. 42, §§ 13, 14; 2009, No. 137 (Adj. Sess.), § 28a; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2011, No. 139 (Adj. Sess.), § 51, eff. May 14, 2012; 2011, No. 143 (Adj. Sess.), § 62, eff. May 15, 2012; 2015, No. 134 (Adj. Sess.), § 19, eff. July 1, 2017; 2019, No. 51, § 35, eff. June 10, 2019; 2019, No. 166 (Adj. Sess.), § 30, eff. Oct. 1, 2020; 2023, No. 157 (Adj. Sess.), § 7, eff. June 6, 2024; 2023, No. 143 (Adj. Sess.), § 4, eff. July 1, 2024.)