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Hidden - Insurance Premium Tax Credits

DateSubjectLink
9/25/2011Insurance Premium Tax Credits. Police and firefighters retirement fund scammed. State Insurance Dept Spreadsheet CY 2006-2008View
9/25/2011 Insurance Premium Tax Credits $430 million View
9/25/2011Insurance companies receive hundreds of millions of dollars in Oklahoma tax credits! View
Re: State Insurance Department spreadsheet covering part of the period discussed in the above article shows 3,800 Insurance Premium Tax Credits used by 1,100 Insurance companies during 2006, 2007 and 2008 totaling $451 million, and carried forward $52 million. That's a total of at least $503 million. View

News Articles Insurance Premium Tax Credits

Newsok.com show $430 million Insurance Premium Tax Credits during period 2004 - 2011 View

Local copy View

Below is a summary of the spreadsheet, and this is an exception to the seven tax credit types discussed elsewhere.

Insurance companies pay Insurance Premium Taxes instead of state income taxes
Example Oklahoma Premium Tax Rates for Property/Casualty Lines of Coverage
 
StateGeneral Tax RateForeignDomestic
Oklahoma2.25%2.30%2.24%
 
Re: Insurance Premium Tax Credits

2006-2008
Beginning amount$467,605,073
Amount used$451,065,384
Carry forward$51,651,352
Carry over$9,614,834
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