There is a newer version of this Section
2022
2021
2020
2019
2018
Other previous versions
View our newest version here

2017 Iowa Code
Title X - FINANCIAL RESOURCES
Chapter 432A - MARINE INSURANCE TAX
Section 432A.6 - Computation of tax on ocean marine insurance profit.

Universal Citation: IA Code § 432A.6 (2017)
Previous Next

Download as PDF
1 MARINE INSURANCE TAX, §432A.6 432A.6 Computation of tax on ocean marine insurance profit. In determining the amount of the tax imposed by this chapter, the taxable underwriting profit of such insurer on such ocean marine insurance business written within this state, shall be ascertained as follows: 1. In the case of every such insurer which has written any such business within this state during three calendar years immediately preceding the year in which such taxes were payable, the taxable underwriting profit shall be determined by adding or subtracting, as the case may be, the underwriting profit or loss on all such insurance written within the United States, ascertained as hereinbefore provided, for each of such three years and dividing by three. 2. In the case of every such insurer other than as specified in subsection 1 such taxable underwriting profit, if any, shall be the underwriting profit, if any, on such ocean marine insurance business written within this state during the taxable year, ascertained as hereinbefore provided, but after such insurer has written such ocean marine insurance business within this state during three calendar years, an adjustment shall be made on the three-year average basis by ascertaining the amount of tax payable in accordance with subsection 1. [C75, 77, 79, 81, §432A.6] Wed Feb 08 03:46:27 2017 Iowa Code 2017, Section 432A.6 (7, 0)
Previous Next
Disclaimer: These codes may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.