Form T-71 - Insurance Companies Tax Return Of Gross Premiums - 2012 Page 3
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42012 RI FORM T-71 INSURANCE
GENERAL INSTRUCTIONS - page 1
Schedule A - Computation of Tax
of the underpayment for the period of the underpayment. “The amount of
the underpayment” shall be the excess of the installment or installments
which would be required to be paid if the advance payments were equal to
Line 1a: Enter the amount of gross premiums less return premiums from
eighty percent (80%) of the tax shown on the return for the taxable year or,
Schedule T, Part 1 of your Annual Statement to Insurance Commissioner.
if no return was filed eighty percent (80%) of the tax for such year, over the
amount, if any, of the installment paid on or before the last date prescribed
Line 1b: Enter the amount of reinsurance assumed from companies not
for payment. See chart on page 2 of Form RI-2220.
authorized to do business in Rhode Island. (Covering property and risks
in Rhode Island.)
Add lines (a) and (b) to get the total interest due.
Line 2: Total Premiums. Add lines 1a and 1b.
Line 16: Total Due with Return. Add lines 14 and 15.
Line 3a: Mutual and Mutual Plan Companies Only -
Line 17: Overpayment. If line 11 is less than line 13, subtract lines 11
Enter the amount of dividends paid or credited to policyholders.
and 15 from line 13. This is the amount of your overpayment.
Line 3b: Enter the amount of direct ocean marine premiums. (Gross
Line 18: Enter the amount of your overpayment to be applied to your
amount less return premiums.)
2013 Calendar Year Estimated Tax.
Line 3c: Enter your capital investment deduction amount - RIGL §44-43
Line 19: Amount of Refund. Subtract line 18 from line 17. This will be
the amount refunded to you.
Line 3d: Enter the amount of Tax Incentives for Employers deduction
against gross premiums as calculated on Form RI-107. Form RI-107
Schedule B - Computation of Tax Upon Retaliatory Basis
must be attached to your return.
Attach a copy of your home state or country return.
Line 4: Total deductions. Add lines 3a, 3b, 3c and 3d.
Compute the tax that the taxpayer’s state or country of incorporation
would impose on like companies incorporated in Rhode Island, or their
Line 5: Net taxable premiums. Subtract line 4 from line 2.
agents, doing business in such state or country of incorporation.
Line 6a: Rhode Island tax. Multiply line 5 by the tax rate of 2% (0.02).
In the case of foreign or alien companies, the Rhode Island tax shall not
be less in amount than that computed in accordance with the retaliatory
Line 6b: Retaliatory tax. Enter the amount from page 2, Schedule B, line 3.
provision.
Line 7: Total tax due. Add lines 6a and 6b
Schedule C - Computation of Reciprocal Fees & Assessments
Line 8: Rhode Island credits. Enter the amount of credit from page 2,
Schedule D, line 14.
Line 1: Include fees and assessments that are levied upon insurance
companies doing business in your state.
Line 9: Tax after credits. Subtract line 8 from line 7.
Line 2: Refer to your March 2012 invoice billed by the Rhode Island
Line 10: Fees under Retaliatory Provisions. Enter the amount from page
Insurance Division to identify the proper fees to include on line 2.
2, Schedule C, line 3.
Line 11: Total tax and fees due. Add lines 9 and 10.
Schedule D - Rhode Island Credits
Line 12a: Enter the amount of any estimated payments made on 2012
All supporting documentation for any credit being used must be attached
Declarations of Estimated Tax or amounts applied from the prior year.
to Form T-71 in order for credit to be given. If complete documentation is
not submitted, the credit will be disallowed until the documentation is pro-
Line 12b: Enter the amount of any other payments made.
vided. For the Historic Preservation Investment Tax Credit, the
Motion Picture Production Company Tax Credit, the Musical and
Line 13: Total Payments. Add lines 12a and 12b.
Theatrical Production Tax Credit and the Tax Credit for Contributions
to Scholarship Organizations, the original certificate - not a copy -
Line 14: Net Tax Due. If line 11 is greater than line 13, subtract line 13
must be attached to the return. If the credit is an amount carried forward
from line 11. This is the amount of tax due.
from a prior year, attach a carry forward schedule to your return showing
the type of credit, the certificate number, the original credit amount, the
Line 15: Interest due -
amount of credit taken by year, and the amount of credit available for the
current year’s return.
(a) Late payment interest on tax due
Line 1 - RI-3468 - Investment Tax Credit - for manufacturing and other
For failure to pay the tax on time, interest at the rate of 18% (0.1800) per
property. Proper documentation must be attached to your return.
If using
year; or 1.5% (0.0150) per month, shall be assessed.
a 10% ITC, the 10% Certification letter from the Department of Labor
and Training must be included with your documentation.
RIGL §44-31
Interest shall accrue on the amount from line 14 at the rate of 18% per
annum from the due date for filing the return (the fifteenth day of the third
Line 2 - RI-ZN02 - Distressed Areas Economic Revitalization Act -
month following the close of the taxable year) to the actual date of payment.
Wage Credit - Approved benchmark page with new hire information and
approval letter from the Enterprise Zone Council must be attached. RIGL
(b) Underestimating interest
§42-64.3-6
In case of any underpayment of the estimated taxes by an insurance com-
Line 3 - RI-769P– Research and Development Property Credit - for
pany there shall be added to the tax as the case may be for the taxable
property in laboratory or experimental research. RIGL §44-32-2 - Credit is
year, an amount determined at the rate of 18% per annum upon the amount
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