Arizona Laws 20-1566. Taxation of title insurers
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.
Terms Used In Arizona Laws 20-1566
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Title insurance: means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in or the unmarketability of the title to such property, guaranteeing, warranting or otherwise insuring the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Arizona Laws 20-1562
- Title insurer: means any domestic company organized under the provisions of this title for the purpose of insuring titles to real property, any title insurance company organized under the laws of another state and licensed to insure titles to real estate within this state pursuant to the provisions of this article, and any domestic or foreign company having the power and authorized to insure titles to real estate within this state as of January 1, 1968 which meet the requirements of this article. See Arizona Laws 20-1562
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.