Insurance Companies

061.01 Special Apportionment Formula. When an insurance company has income from sources both within and without this state the amount of business income from sources within this state is determined pursuant to the special apportionment formula provided in Reg-24-347. 061.02 Credits for Taxes on Premiums and Assessments. An insurance company may receive a nonrefundable credit against its corporation income tax for taxes on premiums and assessments paid to the Nebraska Department of Insurance pursuant to the sections 77-908 and 81-523. 061.02A For taxable years beginning on or after January 1, 1997, an insurance company only receives a credit for taxes paid on premiums and assessments to the extent that the premiums were received on property or risks in Nebraska. 061.02B An insurance company receives a nonrefundable credit for assessments paid to the Comprehensive Health Insurance Pool to the extent the assessment was allowed as an offset against premiums tax payments or prepayments imposed by section 77-908 or related retaliatory tax imposed by section 44-150. (Neb. Rev. Stat. §§ 77-2734.03 and 77-2734.15. December 27, 2015.)