Form T-71 Insurance 2011ty - Insurance Companies Tax Return Of Gross Premiums (Page 3 of 4) in pdf

2011 RI FORM T-71 INSURANCE

GENERAL INSTRUCTIONS - page 1

Schedule A - Computation of Tax

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

for payment. See chart on Page 2 of Form RI-2220.

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

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

Add lines (a) and (b) to get the total interest due.

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

Line 16: Total Due with Return - Add lines 14 and 15.

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

in Rhode Island.)

Line 17: Overpayment - If line 11 is less than line 13, subtract lines 11

and 15 from line 13. This is the amount of your overpayment.

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

Line 18: Enter the amount of your overpayment to be applied to your

Line 3a: Mutual and Mutual Plan Companies Only -

2012 Calendar Year Estimated Tax.

Enter the amount of dividends paid or credited to policyholders.

Line 19: Amount of Refund - Subtract line 18 from line 17. This will be

Line 3b: Enter the amount of direct ocean marine premiums. (Gross

the amount refunded to you.

amount less return premiums.)

Schedule B - Computation of Tax Upon Retaliatory Basis

Line 3c: Enter your capital investment deduction amount - RIGL §44-43

Attach a copy of your home state or country return.

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

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 times 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 2011 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 2011

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, and the Tax Credit

Line 13: Total Payments - Add lines 12a and 12b.

for Contributions to Scholarship Organizations, the original certificate

- not a copy - must be attached to the return. If the credit is an amount

Line 14: Net Tax Due - If line 11 is greater than line 13, subtract line 13

carried forward from a prior year, attach a carry forward schedule to your

from line 11. This is the amount of tax due.

return showing the original credit amount, credit taken by year and credit

available for the current year’s return.

Line 15: Interest due -

Line 1 - RI-3468 - Investment Tax Credit - for manufacturing and other

(a) Late payment interest on tax due

property. Proper documentation must be attached to your return.

If using

a 10% ITC, the 10% Certification letter from the Department of Labor

For failure to pay the tax on time, interest at the rate of 18% (0.1800) per

and Training must be included with your documentation.

RIGL §44-31

year; or 1.5% (0.0150) per month, shall be assessed.

Line 2 - RI-ZN02 - Distressed Areas Economic Revitalization Act -

Interest shall accrue on the amount from Line 14 at the rate of 18% per

Wage Credit - Approved benchmark page with new hire information and

annum from the due date for filing the return (the fifteenth day of the third

approval letter from the Enterprise Zone Council must be attached. RIGL

month following the close of the taxable year) to the actual date of payment.

§42-64.3-6

(b) Underestimating interest

Line 3 - RI-769P– Research and Development Property Credit - for

property in laboratory or experimental research. RIGL §44-32-2 - Credit is

In case of any underpayment of the estimated taxes by an insurance com-

10% of cost or basis of property. Unused credit amounts may be carried

pany there shall be added to the tax as the case may be for the taxable

forward for 7 years. A modification under 44-32-1 may not be claimed for

year, an amount determined at the rate of 18% per annum upon the amount

property used in this credit.

of the underpayment for the period of the underpayment. “The amount of

the underpayment” shall be the excess of the installment or installments

Line 4 - RI-769E – Research and Development Expense Credit - for

which would be required to be paid if the advance payments were equal to

federally defined excess RI expenses in laboratory or experimental

eighty percent (80%) of the tax shown on the return for the taxable year or,

Form T-71 Insurance 2011ty - Insurance Companies Tax Return Of Gross Premiums Page 3

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