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Tax Bulletin 1-01
Effective Date: January 1, 2001 |
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Re: Insurance Premium Tax Rate Change on Workers' Compensation Premiums
Effective January 1, 2001, the insurance premium assessment rate on workers' compensation premiums will decrease to 8 percent for premiums received by all insurers writing workers' compensation insurance in this state, including premiums received from state and local government agencies.
Also effective January 1, 2001, the insurance premium assessment rate on workers' compensation premiums will decrease to 7.75 percent for premiums received by a public agency insurance mutual writing workers' compensation insurance in this state. For purposes of this paragraph, a public agency insurance mutual is as defined in Sections 31A-1-301 and 31A-5-214 of the Utah Code.
The assessment rate applies to all taxable workers' compensation premiums for the 2001 calendar year. Estimated quarterly prepayments should be adjusted to reflect this rate.
2001 estimated quarterly prepayment coupons for Insurance Premium Tax and Self-Insurance Premium Tax are enclosed with this Tax Bulletin.
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Changes in Utah laws or Tax Commission rules may supersede this Tax Bulletin. For the most current guidance relating to state and local taxation, including local sales tax rates, please access the Tax Commission Internet website at www.tax.ex.state.ut.us.
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