§ 8552. Returns

A domestic insurance company, association, or society, other than life, or surety or guaranty company shall pay a tax to the State on the gross amount of premiums and assessments written and not taxed in other states, and shall pay a tax to the State on the gross amount of premiums and assessments collected and not taxed in other states, and shall include such business in its returns. A domestic life insurance company shall pay a tax to the State on the gross amount of premiums and assessments collected and not taxed in other states and shall include such business in its returns. The term “taxed in other states” means:

(1)(A) a tax imposed by another state on premiums and paid directly by the company, association, society, surety, guaranty, or life insurance company to such other state under an insurance premiums tax of the same general kind as found in chapter 211, subchapter 7 of this title; or

(B) a corporate income or franchise tax in which the premiums taxed under subdivision (A) of this subdivision (1) are a factor in the computation thereof; or

(2) a tax of the same general kind as found in 8 V.S.A. § 5035, imposed by another state upon surplus lines premiums, which is paid directly or indirectly to that state by agents or brokers of the Vermont domestic insurer that is not itself authorized to do business in that state. (Amended 1975, No. 185 (Adj. Sess.), § 1, eff. March 25, 1976.)