CT SB01046

Changes captive insurance company tax payment deadline from "in the month of March" to "on or before March first" of each year, effective July 1, 2013.

Captive insurance companies continue paying taxes on assumed reinsurance premiums at tiered rates: 0.214% on first $20 million, 0.143% on next $20 million, 0.048% on next $20 million, and 0.024% thereafter.

Repeals regulations allowing the Commissioner to credit overpayments of premium tax from preceding years against estimated tax for current year.

Adds new provision allowing domestic insurance companies to elect to credit overpayments reported on their tax return against estimated tax payments for the following calendar year, treated as paid on the first installment due date.

New overpayment crediting provisions apply to tax returns filed on or before the due date for calendar years commencing January 1, 2014 and after.