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Expert Analysis

Using 'Home State' To Reduce Surplus Lines Taxes

Law360, New York (August 16, 2011, 12:42 PM EDT) -- Much has been written about the new federal rules governing surplus lines taxation, and the failed opportunity to create a uniform system of taxation across all U.S. jurisdictions. One benefit of the current chaotic system is that it creates an arbitrage opportunity to reduce an insured's overall tax obligations with respect to certain master policies. Some states have lower surplus lines tax rates than others, so structuring master policies such that the "home state" is a low-tax jurisdiction can result in significant savings — at least until the states or federal government move to a uniform system of taxation and/or allocation....

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