Tax Reports Due March 1st, Tax Base Election Options

Reminder: Premium Taxes Due March 1st

Surplus lines premium taxes are due by March 1st. This year’s tax form requires agents to report their “tax base election” (either premium-received or premium-written). A tax report and a tax base election must be filed even if no tax is due. According to the form instructions, “If an agent fails to file an election, the agent must report on a premium-written basis.” This would be a significant change for most agents in their reporting and paying of taxes. Please be sure you carefully consider, then indicate, your tax base election. Upon written request, the Comptroller may permit an agent to change the election every four years.