Form T-71 - Insurance Companies Tax Return Of Gross Premiums

Form T-71

Fed ID#

Name

INSURANCE

RIGL 27-2-17 provides that insurance companies organized or incorporated under laws of a state or country

2010

whose laws do not impose retaliatory or other charges or grant on a reciprocal basis, exemptions therefrom

for companies organized or incorporated in this state, will not be subject to retaliatory taxes or fees.

Schedule B - Computation of Tax Upon Retaliatory Basis (RIGL 44-17-1)

Tax that would be imposed by taxpayer’s state or country......................................................

Rhode Island Tax - 2% of the amount from Schedule A, Line 5 ............................................

Tax Due - Line 1 less line 2. (If zero or less, enter zero.) - Enter here and on Page 1, Schedule A, Line 6b .............

Schedule C - Computation of Reciprocal Fees and Assessments (RIGL 27-2-17)

Fees and assessments that would be imposed by taxpayer’s state or country......................

Fees billed by the RI Insurance Division related to annual filings and fees (see instructions)

Reciprocal fees and assessments due - Line 1 less Line 2 (If zero or less, enter zero.) -

Enter here and on Page 1, Schedule A, Line 7 ..............................................................................................................

GENERAL INSTRUCTIONS

Schedule A - Computation of Tax

Line 10: Tax After Credits - Subtract line 9 from line 8.

Line 1a: Enter the amount of gross premiums less return premiums from

Line 11a: Enter the amount of any estimated payments made on 2009

schedule T, Part 1 of your Annual Statement to Insurance Commissioner.

Declarations of Estimated Tax or amounts applied from the prior year.

Line 1b: Enter the amount of reinsurance assumed from companies not

Line 11b: Enter the amount of any other payments made.

authorized to do business in Rhode Island. (Covering property and risks in

Rhode Island.)

Line 12: Total Payments - Add line 11a and 11b.

Line 2: Total Premiums - Add lines 1a and 1b.

Line 13: Net Tax Due - If line 10 is greater than Line 12, subtract Line 12 from

line 10. This is the amount of tax due.

Line 3a: Mutual and Mutual Plan Companies Only -

Enter the amount of dividends paid or credited to policyholders.

Line 14: Interest on Tax Due - 18% per annum, 1.5% per month.

Line 3b: Enter the amount of direct Ocean Marine Premiums. (Gross amount

Line 15: Total Due with Return - Add line 13 and 14.

less return premiums.)

Line 16: Overpayment - If line 10 is less than line 12, subtract Line 10 from line

Line 3c: Enter your capital investment deduction amount.

12. This is the amount of your overpayment.

Line 4: Total Deductions - Add lines 3a, 3b and 3c.

Line 17: Enter the amount of your overpayment to be applied to your 2010

Calendar Year Estimated Tax.

Line 5: Net taxable premiums - Subtract Line 4 from Line 2.

Line 18: Amount of Refund - Subtract Line 17 from Line 16. This will be the

Line 6a: Rhode Island Tax - Multiply Line 5 times 2% (0.02).

amount refunded to you.

Line 6b: Retaliatory Tax - Enter the amount from Page 2, Schedule B, Line 3.

Schedule B - Computation of Tax Upon Retaliatory Basis

Attach a copy of your home state or country return.

Line 7: Fees Under Retaliatory Provisions - Enter the amount from Page 2,

Compute the tax that the taxpayer’s state or country of incorporation would

Schedule C, line 3.

impose on like companies incorporated in Rhode Island, or their agents, doing

business in such state or country of incorporation.

Line 8: Gross Premiums Tax and Fees Due - Add lines 6a, 6b and 7.

In the case of foreign or alien companies, the Rhode Island tax shall not be

Line 9: Rhode Island Credits - Enter the credit form number from the following

less in amount than that computed in accordance with the retaliatory provision.

chart along with the amount of the credit being applied on this return. If more

than three credits are being used, attach a separate listing of all credits being

Schedule C - Computation of Reciprocal Fees & Assessments

utilized. Put the total of all credits on line 9.

Include fees and assessments that are levied upon insurance companies doing

RI-3468 Investment Tax Credit

business in your state that are not billed directly by the Rhode Island

RI-7695P Research & Development Property

Insurance Division.

RI-7695E Research & Development Expense

Refer to your March 2009 invoice billed by the Rhode Island Insurance

RI-2441 Daycare Assistance and Development Credit

Division to identify the proper fees to include on Line 2.

ZN-02

Enterprise Zone Wage Credit

HIST

Historic Preservation Investment Tax Credit

Mailing Address

FILM

Motion Picture Production Company Tax Credit

A return with a payment should be mailed to:

RI-2949 Job Training Expenses Credit

Rhode Island Division of Taxation

RI-6324 Employers’ Worksite Adult Education Credit

One Capitol Hill

RI-2776 Credit for Contributions to Qualified Scholarship Org.

Providence, RI 02908-5807

RI-3675 Employment Tax Credit 44-39.1

All supporting documentation for any credit being used must be attached to

A return with an overpayment should be mailed to:

Form T-71 in order for credit to be given. If complete documentation is not

Rhode Island Division of Taxation

submitted, the credit will be disallowed until the documentation is provided.

One Capitol Hill

For the Historic Preservation Investment Tax Credit, the Motion Picture

Providence, RI 02908-5806

Production Company Tax Credit, and the Tax Credit for Contributions to

Scholarship Organizations, the original certificate - not a copy - must be

attached to the return.

Form T-71 - Insurance Companies Tax Return Of Gross Premiums - 2010 Page 2

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