NEW JERSEY: Insurance Tax: Uncapped Tax on Health Service Corporations Enacted
Posted on: Sunday, 7 August 2005, 03:01 CDT
Beginning January 1, 2005, the definition of an "insurance company" subject to the New Jersey insurance premiums tax is expanded to cover health service corporations, including any affiliated or controlled life, accident, or health insurance company, with respect to experience-rated and community-rated health insurance. In addition, the 12.5% tax cap on worldwide premiums does not apply to health service corporations on and after January 1, 2005. Under prior law, health service corporations were taxed only on premiums from experience-rated health insurance subject to the 12.5% cap. (Ch. 128 ( A.B. 4401), Laws 2005, effective as noted.)
Copyright CCH Incorporated: Federal and State Tax Jul 26, 2005
Source: State Tax Review
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