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Taxation of Corporations and Personal Income in New York
Taxation of Corporations and Personal Income in New York Author:Henry Montefiore Powell Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER VIII. Annual Tax On Insurance Companies, Based On Gross Premiums. Premiums received on business c'one in the state defined.— The tax is compu... more »ted on the basis of premiums received on business done at any time in the state and is for the privilege enjoyed and not on the property in the state in the case of a foreign fire insurance company. People ex rel. Conn. Mutual Life Ins. Co. v. Kelsey, 116 App. Div. 97 (1906), aff'd 188 N. Y. 541. Franchise tax on insurance corporations.—An annual state tax for the privilege of exerciaing corporate franchises or for carrying on business in their corporate or organized capacity within this state equal to one per centum on the excess of the gross amount of premiums clmrged, over the deductions hereinafter provided, during the preceding calendar year for business done at any time in this state, shall be paid annually into the treasury of the state on or before the first day of June. The gross amount of premiums subject to deduction shall include all premiums charged during such preceding calendar year on all policies, certificates, renewals, policies subsequently cancelled, insurance and reinsurance executed, issued or delivered during such preceding and all prior calendar years. The excess of the gross amount of premiums taxable shall be found by deducting from the total amount of premiums charged, including reinsurance premiums charged, for business done in this state under all such policies, certificates, renewals, policies subsequently cancelled, insurance and reinsurance executed, issued or delivered during such preceding and all prior calendar years, the amount of premiums paid for reinsurance in corporations taaed under this section, unearned premiums returned on cancellation of policies, premiums on policies not tak...« less