Form 207 - Insurance Premiums Tax Return Domestic Companies

Form 207 Instructions

General Instructions

Line 16: Enter payment made with Form 207/207 HCC EXT, Application

for Extension of Time to File Domestic Insurance Premiums Tax Return

Complete this return in blue or black ink only.

or Health Care Center Tax Return. To request an extension of time to

Due Date: This return is due on or before March 1, 2009, for insurance

ﬁ le Form 207, a company must ﬁ le Form 207/207 HCC EXT and pay all

premiums tax liability for calendar year 2008.

the tax it expects to owe on or before March 1, 2009.

Attachments: Attach the following to this return:

Line 18: If Line 17 is greater than Line 13, subtract Line 13 from

•

A copy of Schedule T;

Line 17. This is the amount you overpaid.

•

Connecticut business page from the Annual Statement ﬁ led with

Line 19: Your election to credit your overpayment to your 2009 estimated

the Connecticut Insurance Department;

insurance premiums tax, or to have your overpayment refunded to you,

•

2008 Schedule GAA, if applicable;

is irrevocable.

•

2008 Form 207I, if applicable; and

Line 19a: Enter the amount of overpayment you want credited to

•

2008 Form CT-1120K, if applicable.

your 2009 estimated insurance premiums tax. Your overpayment will

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

be credited to your 2009 estimated insurance premiums tax as of

whole dollar on your return and schedules. If you do not round, the

March 1, 2009, or the date that this return is ﬁ led, whichever is later.

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

Therefore, if this return is ﬁ led after March 15, 2009, your estimated

insurance premiums tax payment for March 15, 2009 will not be timely

Round down to the next lowest dollar all amounts that include 1 through

made.

49 cents. Round up to the next highest dollar all amounts that include

50 through 99 cents. However, if you need to add two or more amounts

Line 19b: Enter the amount of overpayment you want refunded to

to compute the amount to enter on a line, include cents and round off

you.

only the total.

Line 20: If Line 13 is greater than Line 17, subtract Line 17 from

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

Line 13. This is the amount of tax you owe.

to enter on a line. $4.50 is rounded to $5.00 and enter on a line.

Line 21a: Late Payment Penalty: Multiply Line 17 by 10%. Enter the

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

result or $50, whichever is greater.

you must correct the error(s) by ﬁ ling an amended return using a new

Line 21b: Multiply Line 17 by 1% per month or fraction of a month from

Form 207. Complete Form 207 using the correct ﬁ gures and information for

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

the reporting period.

Line 22: If estimated tax was underpaid, complete and attach

You must ﬁ le an amended return claiming a refund of taxes already paid

Form 207I, Underpayment of Estimated Insurance Premiums Tax

within three years of the original due date of the return and attach an

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

explanation of the claim for refund to the amended return.

Form 207I.

Line Instructions

Line 23: Add the amounts from Lines 20, 21, and 22.

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

cancellations) received during the calendar year from policies written on

Make check payable to: Commissioner of Revenue Services.

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

DRS may submit your check to your bank electronically.

considerations and premiums received for reinsurance assumed from

Mail to: Department of Revenue Services

other companies.

State of Connecticut

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

PO Box 2990

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

Hartford CT 06104-2990

Line 5: The amount of tax credit(s) allowable against the insurance

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

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

ofﬁ cer of the company, must sign Form 207.

tax due prior to the application of the credit(s). See Special Notice 2003(17),

Paid Preparer Signature: A paid preparer must sign and date

2003 Legislation Affecting the Insurance Premiums Tax, for more

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

information.

(SSN) or Preparer Tax Identiﬁ cation Number (PTIN), and their ﬁ rm’s

Line 6: To claim the Insurance Department assessment credit, eligible

Federal Employer ID Number (FEIN) in the spaces provided.

companies must enter 80% of the assessment paid under Conn. Gen.

For Further Information: Call DRS during business hours, Monday

Stat. §38a-48 during the calendar year. A company is eligible if it is a local

through Friday:

domestic insurance company, as deﬁ ned in Conn. Gen. Stat. §12-201,

•

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

and if its admitted assets do not exceed the thresholds established in

calling area only), or

Conn. Gen. Stat. §12-202.

860-297-5962 (from anywhere).

•

Line 7: Your company may be eligible to claim certain Connecticut

business tax credits. For more information on Connecticut business

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

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

anytime by calling 860-297-4911.

Informational Publication 2007(31), Guide to Connecticut Business

Forms and Publications: Forms and publications are available

Tax Credits. If your company claims Connecticut business tax credits,

anytime by:

Form CT-1120K, Business Tax Credit Summary, must be completed

•

Internet: Visit the DRS website at to preview and

and attached to this return.

download forms and publications.

Line 10 and Line 11: To claim CIGA and CLHIGA assessment credits,

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

•

you must complete and attach a 2008 Schedule GAA, Insurance

Greater Hartford calling area only) and select Option 2 from a

Guaranty Association Credit.

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

Line 14: Enter prior year overpayment(s).

Line 15: Enter estimated payments made with Forms 207 ESA, ESB,

ESC, and ESD, Estimated Insurance Premiums Tax Payment Coupon

Domestic Insurance Companies.

Form 207 Back (Rev. 12/08)

Form 207 - Insurance Premiums Tax Return Domestic Companies - 2008 Page 2

Related Articles

Related forms

Related Categories