‘Sec. 2. 36 MRSA §2513-C is enacted to read:
§ 2513-C. Tax on annuity considerations
Sec. 3. 36 MRSA §2515, as amended by PL 2013, c. 331, Pt. C, §11, is further amended to read:
§ 2515. Amount of tax
In determining the amount of tax due under sections 2513 and 2531, each company shall deduct from the full amount of gross direct premiums the amount of all direct return premiums on the gross direct premiums and all dividends paid to policyholders on direct premiums, and the tax must be computed by those companies or their agents. Except when direct return premiums are returned in the same tax year that the premium was paid, the deduction allowed in this section may be taken only if the tax under this Part has been paid. The deductions under this section related to annuity considerations may be deducted only from annuity considerations.
Sec. 4. Application. That section of this Act that amends the Maine Revised Statutes, Title 36, section 2515 applies to tax periods beginning on or after January 1, 2018.
Sec. 5. Appropriations and allocations. The following appropriations and allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Revenue Services, Bureau of 0002
Initiative: Provides one-time funding to adjust the premium tax return to reflect updated rates for annuity premiums.
|GENERAL FUND TOTAL||$33,000||$0|