(1) In determining the amount of tax payable to Colorado, the entire amount of tax
payable at a rate of three percent on the net premiums is presumed to be owed to Colorado;
except that, for those multistate risks involving states that have entered into either
a compact or a tax-sharing agreement with Colorado to share the tax, the premium tax
rate and the amounts allocated to the other states are subject to determination according
to the terms of the compact or agreement.
(2) The commissioner may participate in tax-sharing agreements to collect and disburse
funds in accordance with subsection (1) of this section, if the purposes of the tax-sharing
agreement are limited to:
(a) Facilitating the payment and allocation of premium taxes on nonadmitted insurance
for multistate risks among states participating in the agreement;
(b) Adopting uniform requirements, forms, and procedures that facilitate the reporting,
payment, collection, and allocation of premium taxes for nonadmitted insurance for
(c) Coordinating the reporting of premium taxes and transaction data of multistate
risks among the states participating in the agreement; and
(d) Establishing a mechanism to facilitate the receipt and distribution of premium
taxes and transaction data related to nonadmitted insurance of multistate risks.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.