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NY's Latest Position On Unauthorized Insurance Co. Taxation

Law360, New York (July 13, 2016, 12:27 PM EDT) -- The New York State Department of Taxation and Finance issued two advisory opinions determining that unauthorized nonlife insurance corporations (here, surplus lines insurance companies) are subject to insurance franchise tax (under N.Y. Tax Law § 1502) instead of premium tax (under N.Y. Tax Law § 1502-a). TSB-A-16(4)C; TSB-A-16(5)C (June 10, 2016). In addition, the department reiterated its view that these insurance companies' insurance franchise tax liability will not be capped by N.Y. Tax Law § 1505(a)(1), consistent with Service Lloyds Ins. Co., TSB-A-09-(2)C (Mar. 2, 2009)....

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