Issue Date:
Revised Date: 2023-04-20

Legal Citations

Object Type

Cash — Insurance

Origin Date

1907 by the 30th Leg.

Description

§ 225.004

The premiums charged for surplus lines insurance are subject to a premium receipts tax of 4.85% of gross premiums charged for such insurance.

§ 221.002

Property and Casualty Insurance premium tax rate is 1.6% of premium received for a calendar year.

§ 222.002

Life, Health and Accident Insurance Companies: There is imposed on each insurance carrier an annual tax equal to 1.75% of its gross premiums, except for life insurance organizations is 0.875% of the first $450,000 of taxable gross revenues and 1.75% of remaining gross revenues.

§ 224.002

There is imposed on each reciprocal and interinsurance exchange transacting business in this state an annual tax equal to 1.7% of its gross premium receipts.

§ 281.004

Retaliatory provision for taxes and fees.

§ 226.003

Unauthorized Insurance Premium Tax: 4.85% of gross premiums charged.

§ 226.053

Independently Procured Insurance Premium Tax: 4.85% of premium paid for contract under § 101.053(b)(4).

§ 223A.003

Annual tax on gross premiums of captive insurance companies. The rate is one-half percent of the company's taxable premium receipts for a calendar year. Annual minimum aggregate tax is $7,500 and maximum is $200,000.

§ 3504.004

A travel insurer shall pay the premium tax as provided under § 221.002.

Due Date

Generally, premium tax reports are due by March 1. Semiannual prepayments due March 1 and August 1. Independently procured insurance premium tax due May 15.

Deposit Funds

  • 0001 – General Revenue Fund

    Allocated 25% to Foundation School Account (No. 0193) and 75% to General Revenue Fund (No. 0001) to fund statutory allocations.

Note

Deposit changed from the Omnibus Tax Clearance Fund (0120) by H.B. 872, 67th Leg. R.S.

Amended by H.B. 72, 68th Leg., 2nd C.S., effective 9-1-84.

Amended by S.B. 293, S.B. 873, 70th Leg., R.S.

Reciprocal and interinsurance exchanges added by H.B. 1421, 71st Leg., R.S.

Collection changed from Department of Insurance (454) to Comptroller by H.B. 1461, 73rd Leg., R.S.

Formerly 25% to Available School Fund (No. 0002).

Revenue dedication abolished 8-31-95 per § 403.094, Government Code;

Legal cite codified by H.B. 2922, 78th Leg., R.S.

Amended by S.B. 567, 82nd Leg., R.S.

S.B. 734, 83rd Leg., R.S. added captive insurance company premium tax.

Travel insurers added by H.B. 2587, 86th Leg., R.S.

USAS Values

Appropriation Year 25
USAS Title INSURANCE PREMIUM TAXES
Receipt Category 04 – Insurance
Receipt Type 01 – Taxes
Object Group 30 – Revenues
USAS Status A
Rev/Exp Category 14 – INSURANCE TAXES