20-1566. Taxation of title insurers

250 words·~1 min read·/az/title-20/20-1566

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. In lieu of the premium tax provisions of section 20-224, title insurers shall be subject to taxation on income as other private corporations.

B. The income tax required to be paid by title insurers by the provisions of subsection A of this section shall be payment in full of all demands for all state, county, district, municipal and school taxes and licenses of whatever kind or character, excepting only the fees prescribed by article 2 of chapter 1 of this title and taxes on real and tangible personal property located within this state.

C. If the provisions of section 20-230 shall operate to require any foreign title insurer to pay premium tax in this state, such tax shall be computed on total risk premiums received by the insurer during the preceding calendar year on account of title insurance on real property in this state. The provisions of section 20-230 shall operate to require such foreign title insurer to pay only the amount of such net premium tax which is in excess of the net income tax actually paid to this state for the same calendar year by such foreign title insurer.

For the purposes of this section only, every foreign title insurer which may be required to pay premium tax in this state may file with the director as a part of or as an amendment to its schedule of fees under subsection A of section 20-376 a statement of the risk premium included in its schedule of fees.