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

2011

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 - Amount from Schedule A, Line 6a ...........................................................

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

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

attached to the return.

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

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

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

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

Line 11a: Enter the amount of any estimated payments made on 2010

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

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

Rhode Island.)

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

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

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

Line 3a: Mutual and Mutual Plan Companies Only -

Enter the amount of dividends paid or credited to policyholders.

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

less return premiums.)

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

Line 3c: Enter your capital investment deduction amount.

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

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

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

12. This is the amount of your overpayment.

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

Line 17: Enter the amount of your overpayment to be applied to your 2011

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

Calendar Year Estimated Tax.

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

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

amount refunded to you.

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

Schedule C, line 3.

Schedule B - Computation of Tax Upon Retaliatory Basis

Attach a copy of your home state or country return.

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

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

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

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

business in such state or country of incorporation.

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

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

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

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

RI-3468 Investment Tax Credit

Schedule C - Computation of Reciprocal Fees & Assessments

RI-7695P Research & Development Property

Include fees and assessments that are levied upon insurance companies doing

RI-7695E Research & Development Expense

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

RI-2441 Daycare Assistance and Development Credit

Insurance Division.

ZN-02

Enterprise Zone Wage Credit

HIST

Historic Preservation Investment Tax Credit

Refer to your March 2010 invoice billed by the Rhode Island Insurance

FILM

Motion Picture Production Company Tax Credit

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

RI-2949 Job Training Expenses Credit

RI-6324 Employers’ Worksite Adult Education Credit

Mailing Address

RI-2776 Credit for Contributions to Qualified Scholarship Org.

A return with a payment should be mailed to:

RI-3675 Employment Tax Credit 44-39.1

Rhode Island Division of Taxation

L & H

Life and Health Guaranty Fee

One Capitol Hill

Providence, RI 02908-5814

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

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

A return with an overpayment should be mailed to:

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

Rhode Island Division of Taxation

For the Historic Preservation Investment Tax Credit, the Motion Picture

One Capitol Hill

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

Providence, RI 02908-5811

Form T-71 - Insurance Companies Tax Return Of Gross Premiums - 2011 Page 2

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