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| TAX OUTLINE |
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| TAX DESCRIPTIONS |
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| FOREIGN INSURANCE COMPANY RETALIATORY |
LEGAL CITATION: |
M.C.L. 500.440a-500.476c; 1956 PA 218. |
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| YEAR ADOPTED: |
1869 |
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| BASIS OF TAX: |
Privilege of transacting business in Michigan. |
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| MEASURE OF TAX (BASE): |
Gross premiums of out-of-state insurance companies, with certain exclusions. |
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| RATE: |
Foreign insurers, an amount equal to taxes and other costs that would be imposed upon a Michigan insurer doing business in the foreign insurer's state or taxation imposed by the SBT, whichever is higher; unauthorized insurers, 2%. |
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| ADMINISTRATION: |
Retaliatory tax - Michigan Department of Treasury, Bureau of Revenue.. Unauthorized insurers - Michigan Department of Labor and Economic Growth, Insurance Bureau. |
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| REPORT AND PAYMENT: |
Estimated quarterly payments due before April 30, July 31, October 31, January 31; report and additional amounts due before March 1 for preceding calendar year. |
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| DISPOSITION: |
General Fund. |
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| 2004-05 COLLECTIONS: |
$241,083,000. Includes Single Business Tax paid by insurance companies. |
Last Updated January 10, 2007
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