HB 20B-1006 Summary

• Changes the quarterly estimated tax payment calculation from "greater" to "lesser" of either the prior year's total tax or 80% of the current quarter's tax, reducing minimum payment requirements.

• Allows insurance companies to claim allowable tax credits (from specified statutes) in their calendar quarter estimated tax payments, not just in annual filings.

• Permits companies to either apply overpayments to future quarter estimates or claim refunds for overpaid estimated premium taxes when filing annual statements.

• Establishes procedures for nonrefundable tax credit application, requiring such credits to be applied first to total tax liability before other payments, with refunds capped at additional payments made.

• Enables transfer of small business recovery tax credits and parallel credits between affiliated insurance companies and clarifies tax credit use restrictions prior to July 1 of specified years.