Delaware General Assembly


CHAPTER 17

FORMERLY

HOUSE BILL NO. 47

AN ACT TO AMEND CHAPTER 7, TITLE 18 OF THE DELAWARE CODE TO REQUIRE INSURERS TO PAY PREMIUM TAXES SEMI-ANNUALLY INSTEAD OF ANNUALLY AND TO APPRDPRIATE FUNDS TO EMPLOY PERSONNEL TO COLLECT THIS TAX.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §702(a), Title 18 of the Delaware Code by deleting the words each year" following the words "on or before March 1" and by adding the following in lieu thereof:

"(for the period July 1 through December 31 immediately preceding) and on or before September 1 (for the period January 1 through June 30 immediately preceding)".

Section 2. Amend §702, Title 18 of the Delaware Code by designating the present subsection '(d)' as subsection '(e)'.

Section 3. Amend §702, Title 18 of the Delaware Code by adding a new subsection '(d)', as follows:

'(d)' in Lieu of the semi-annual report of taxable gross direct premium income to be filed on or before September 1 (for the period January 1 through June 30 immediately proceeding) as required by subsection (a) above and the tax paid thereon as required by subsection (c) above, each insurer may, at its option, file with the Commissioner, on or before August 1 each year, a report showing the amount of taxes paid on March 1 for the next preceding calendar year and pay to the Commissioner, for the use of the State, tax in the amount of one-half the taxes shown thereon as estimated taxes due for the current calendar year. Thereafter, the report due on March 1 of the next succeeding calendar year shall be for the period January 1 through December 31, and the estimated tax payment made on or before the immediately proceeding, shall be deducted from the tax due on such net premiums."

Approved May 11, 1987.