Form M11l - Insurance Premium Tax Return For Life And Health Companies - Minnesota Department Of Revenue - 2013 Page 4
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52013 Form M11L Instructions
(continued)
Completing Form M11L
Lines 5 and 6
credit, and it may be transferred or assigned
to others, including insurance companies.
Dividends
Check Boxes
Enter the dividends to be included in the
To qualify for the Minnesota credit, the
At the top of the form, check if the return is:
gross taxable business. If dividends listed
project developer must apply for approval
differ from your annual statement, attach a
• an Amended Return: Check only if you
from the State Historic Preservation Office
statement explaining the differences.
are amending a previously filed return
(SHPO) of the Minnesota Historical Society
for the same period. Include all original
before any rehabilitation of the structure
Line 7
and corrected premiums on the amended
begins. For eligibility requirements and
Other Additions
return.
information on how to apply for approval,
Attach a separate schedule itemizing the ad-
go to the SHPO website at
• for No Activity: Check only if you did not
ditions and amounts included on this line.
shpo.
have any tax activity during the year.
Lines 10 through 15
Once the approved project has been com-
Columns A and B
Dividends
pleted and placed into service, the SHPO
All domestic, foreign and alien insurers
Enter dividends only if returned to the in-
will issue a credit certificate. From the credit
must complete Column B (Minnesota
sured person or entity paying the premium.
certificate you received from the SHPO,
basis).
enter the five-digit NPS project number and
Lines 25 and 30
the amount of your credit on line 40. You
Foreign and alien insurers (except Hawaii,
Premium Tax Percentage Rate
must include the credit certificate when you
New York, Massachusetts and Rhode Island
If premiums are taxed at more than one
file your Form M11L.
domiciled companies) must also complete
rate, enclose a schedule showing rates and
Column A (for purposes of applying Min-
premiums. Life insurance premiums are
Lines 42a Through 42e
nesota retaliatory laws) and Schedule M11B.
taxed at 1.5 percent and accident and health
Estimated Tax Payments
Note: All premiums, deductions and
premiums are taxed at 2 percent.
If any line contains more than one payment,
resulting taxes listed in Column A must
you must attach a schedule.
Line 38
be in accordance with the laws of the state
If payments are included from a merged
or country of incorporation as they would
Guaranty Fund Assessment
company, attach a schedule listing the
apply to a Minnesota insurer licensed and
Twenty percent of assessments (less any
merged company name, NAIC number,
doing business in that state or country. If
refunds) made and paid to the Minnesota
payment amounts and payment dates.
the taxing authority of the state or country
Life and Health Guaranty Association or the
of incorporation requires a supplemental
Minnesota Insurance Guaranty Association
Line 44a
schedule to support tax computations, the
are allowable offsets against the tax liability
Additional Charge for Underpaying
same type of schedule (applying to business
for the five years following the payment of
Estimated Tax
in Minnesota) must be attached to Minne-
the assessment. Contact our office if you
If you did not pay the correct amount of
sota Form M11L.
have questions about carrying forward
estimated tax by the due dates and your tax
credits.
In Column B (Minnesota basis), include di-
liability on line 41 is more than $500, you
rect premiums; stop-loss premiums; assess-
If assessments are more than your tax liabil-
may have to pay an additional charge for
ments; deposits; policy, membership and
ity (positive amount on line 37), use only
underpaying. Complete the worksheet on
survey fees; and dues, dividends and interest
the amount necessary to reduce your tax
page 3 to determine the amount to enter on
applied to reduce current premiums, pay
liability to zero; the remaining amount may
line 44a.
renewal premiums, shorten the premium
be deducted in future tax years.
paying period or provide extended and
Line 44b
If you receive a refund for an assessment
paid-up additional insurance.
Penalty
from the association, the refund must
Late Payment. If you file on time but don’t
Exclude employer contributions credited
be subtracted from the paid assessment
pay all the tax due by the due date, a late
for the insurer’s employees’ and agents’ life,
amount. If a refund is more than the assess-
payment penalty is due. The penalty is
accident and health insurance plans; and
ment, the excess must be paid to Minnesota.
5 percent of the unpaid tax for any part of
all return premiums on policies not taken,
the first 30 days the payment is late, and
Line 39
except cash surrender values paid upon the
5 percent for each additional 30-day period,
Tax Before Refundable Credits
cancellation and surrender of policies or
up to a maximum of 15 percent.
The amount on line 39 can only be negative
certificates of life insurance.
due to return premiums. It cannot be nega-
Late Filing. Add a late filing penalty to
tive due to guaranty fund association offsets
Line instructions
the late payment penalty if your return is
(see instructions for line 38).
not filed by the due date. The penalty is
Round amounts to the nearest dollar. De-
5 percent of the unpaid tax. When added
crease any amount less than 50 cents and in-
Line 40
to the late payment penalty, the maximum
crease any amount that is 50 cents or more
Historic Structure Rehabilitation Credit
combined penalty is 20 percent.
to the next higher dollar.
A refundable credit is available to taxpayers
who are eligible for the Federal Historic Re-
If the reported premiums are different from
habilitation Credit for improving a certified
the premiums on the state page or Schedule
historic structure located in Minnesota. The
T, attach a schedule reconciling the differ-
credit is equal to 100 percent of the federal
2
ence.
Continued
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