Admitted Companies - Premium Tax FAQs
How can an extension of time for filing taxes or payment of tax be requested?
An extension may be granted for no more than thirty (30) days and must be made before the due date; refer to O.C.G.A. § 33-2-31.
Does the Premium Tax Division accept electronic fund transfers?
Yes, please obtain information necessary by filling in the request form.
How can Annual Premium Tax Returns be amended?
Using Premium Pro or the link for TriTech Non-subscribers, select the year and company type, and check “Amended” on the return when completing. Complete the return with the amended amounts. The amended return must be e-filed beginning 1/1/2014. For tax years prior to 2014, please contact the Premium Tax Division for a blank copy of the respective tax forms.Premium Tax
How are Quarterly Estimated Taxes calculated?
Two methods are available for paying Quarterly Estimated Taxes: Method One (1) is calculated by paying the prior year’s reported tax liability in four (4) equal installments. Method Two (2) is based on estimated current year’s taxable premium for the quarter multiplied by 2.25%. Quarterly payments must be at least 80% of the amount FINALLY SHOWN TO BE DUE. Refer to O.C.G.A. § 33-8-6(c).
How can a refund be requested for a tax overpayment?
Submit a request for refund, in writing, under separate cover or via email to the Premium Tax Division. Do not include this correspondence with Quarterly or Annual Premium Tax filings.
Is e-filing mandatory?
Yes, as of January 1, 2014 Admitted companies must e-file the Annual and Quarterly Premium Tax Returns. E-filing is available through PremiumPro. Non-subscribers to Premium Pro may e-file the Georgia returns through TriTech for non subscribers.
Is the postmark date acceptable for timely proof of payment?
Yes, if postmarked by the U.S. Postal Service – IN HOUSE postage stamp is NOT ACCEPTABLE.
What information must be submitted to claim Georgia Low Income Housing Tax Credit?
Include a completed and executed Form IT-HC, page three ONLY (total of housing credits claimed), a Georgia K-1 equivalent that indicates the allocation amount to the insurance partner and a building-by-building allocation for each project claimed.
What is the Premium Tax Base?
Gross Direct Premiums received from direct writings; refer to O.C.G.A. § 33-8-4.
What is the Premium Tax Rate?
State tax rate for admitted companies if 2.25%, while Local tax rate is 1% for Life companies (and in some cases half of 1%), and 2.5% for Other Than Life companies. Refer to O.C.G.A. §§ 33-8-6, 33-8-8.1, 33-8-8.2, 33-8-5.
What companies must file an Annual Premium Tax Return?
Admitted insurance companies holding a valid certificate of authority.