Form 207f Insurance Premiums Tax Return Nonresident And Foreign Companies 2007 (Page 2 of 2) in pdf

Form 207F Instructions

General Instructions

Line 14 and Line 15: To claim CIGA and CLHIGA assessment credits,

Due Date: Form 207F, Insurance Premiums Tax Return Nonresident

you must complete and attach a 2007 Schedule GAA, Insurance Guaranty

and Foreign Companies, is due on or before March 1, 2008, for insurance

Association Credit.

premiums tax liability for calendar year 2007. Complete the return in blue

Line 21: Enter payments made with Form 207F EXT, Application for

or black ink only.

Extension of Time to File Nonresident and Foreign Insurance Companies

Attachments: Attach the following to this return:

Premiums Tax Return. To request an extension of time to file Form 207F,

•

A copy of Schedule T;

a company must file Form 207F EXT and pay all the tax it expects to owe

•

Connecticut business page from the Annual Statement filed with

on or before March 1, 2008.

the Connecticut Insurance Department;

Line 23: If Line 22 is greater than Line 18, subtract Line 18 from

2007 Schedule GAA, if applicable;

•

Line 22. This is the amount you overpaid.

2007 Form 207I, if applicable;

•

2007 Form CT-1120K, if applicable.

Line 24: Your election to credit your overpayment to your 2008 estimated

insurance premiums tax, or to have your overpayment refunded to

Rounding Off to Whole Dollars: You must round off cents to the nearest

you, is irrevocable.

whole dollar on your return and schedules. Round down to the next

lowest dollar all amounts that include 1 through 49 cents. Round up to the

Line 24a: Enter the amount of overpayment you want to be credited to

next highest dollar all amounts that include 50 through 99 cents. However,

your 2008 estimated insurance premiums tax as of March 1, 2008, or the

if you need to add two or more amounts to compute the amount to enter

date you that this return is filed, whichever is later. Therefore, if this

on a line, include cents and round off only the total. If you do not round,

return is filed after March 15, 2008, your estimated insurance premiums

the Department of Revenue Services (DRS) will disregard the cents.

tax payment for March 15, 2008 will not be timely made.

Example: Add two amounts ($1.29 + $3.21) to compute the total ($4.50) to

Line 24b: Enter the amount of overpayment you want refunded to you.

enter on a line. Round $4.50 to $5.00 and enter $5.00 on the line.

Line 25: If Line 18 is greater than Line 22, subtract Line 22 from

Filing an Amended Return: If you make an error(s) on your return, you

Line 18. This is the amount of tax you owe.

must correct the error(s) by filing an amended return using a new Form

Line 26a: Late Payment Penalty: Multiply Line 22 by 10%. Enter the

207F and checking the amended box at the top of the return. Complete

result or $50, whichever is greater.

Form 207F using the correct figures and information for the reporting

Line 26b: Multiply Line 22 by 1% per month or fraction of a month from the

period.

original due date of the return to the date of payment.

You must file an amended return claiming a refund or credit of a tax

Line 27: If estimated tax was underpaid, complete and attach

overpayment within three years of the due date for which the overpayment

Form 207I, Underpayment of Estimated Insurance Premiums Tax or

was made. Attach an explanation of the claim to the amended return.

Health Care Center Tax, and enter the amount from Line 22 of

Line Instructions

Form 207I.

Line 1: Enter gross direct premiums less return premiums, including

Line 28: Add Lines 25, 26, and 27.

cancellations, received during the calendar year from policies written on

Make check payable to: Commissioner of Revenue Services. To

property or risks located or resident in this state, but excluding annuity

ensure payment is applied to your account, write “2007 Form 207F”

considerations and premiums received for reinsurance assumed from

and your Connecticut Tax Registration Number on the front of your

other companies.

check. DRS may submit your check to your bank electronically.

Line 2: Enter dividends paid to policyholders on direct business. Do not

Mail to:

Department of Revenue Services

include any dividends paid on account of the ownership of stock.

State of Connecticut

Line 3: Enter net direct premiums received during the calendar year from

PO Box 2990

ocean marine insurance policies written on property located in this state.

Hartford CT 06104-2990

Line 4: Enter benefit payments from group health insurance premiums to

Signature: The treasurer of the company, or an authorized agent or

the extent allowed by Conn. Gen. Stat. §12-210a.

officer of the company, must sign Form 207F.

Line 8 and Line 9: Summarize and attach schedules to support taxes

Paid Preparer Signature: A paid preparer must sign and date

and other obligations claimed on Line 8. Apply Connecticut data to your

Form 207F. Paid preparers must also enter their Social Security Number

state’s forms for Fire Marshal, Franchise, Ocean Marine, Premium,

(SSN) or Preparer Tax Identification Number (PTIN), and their firm’s Federal

and other taxes to determine the amounts that a Connecticut insurance

Employer Identification Number (FEIN) in the spaces provided.

company would be required to pay in your state.

For Further Information: Call DRS during business hours, Monday

Line 8 and Line 9 include other taxes and assessments, net of tax offsets

through Friday:

allowed. Do not include ad valorem taxes on real or personal property,

•

1-800-382-9463 (Connecticut calls outside the Greater Hartford calling

personal income taxes, fees for agents’ licenses, or special purpose

area only); or

assessments including, but not limited to workers compensation

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860-297-5962 (from anywhere).

assessments and insurance guaranty fund assessments.

TTY, TDD, and Text Telephone users only may transmit inquiries

Line 12: The amount of tax credit(s) allowable against the insurance

anytime by calling 860-297-4911.

premiums tax may not exceed 70% of the amount of insurance premiums

Forms and Publications: Forms and publications are available

tax due prior to the application of the credit(s). See Special Notice

anytime by:

2003(17), 2003 Legislation Affecting the Insurance Premiums Tax, for

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Internet: Visit the DRS website at to preview

more information.

and download forms and publications.

Line 13: Your company may be eligible to claim certain Connecticut

business tax credits. For more information on Connecticut business tax

Telephone: Call 1-800-382-9463 (Connecticut calls outside the Greater

•

credits that your company may be eligible to claim, see Informational

Hartford calling area only) and select Option 2 from a touch-tone

Publication 2006(15), Guide to Connecticut Business Tax Credits. If

phone, or call 860-297-4753 (from anywhere).

your company claims Connecticut business tax credits, Form CT-1120K,

Business Tax Credit Summary, must be completed and attached to

this return.

Form 207F Back (Rev. 12/07)

Form 207f Insurance Premiums Tax Return Nonresident And Foreign Companies 2007 Page 2

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