Okla. Stat. tit. 36, § 36-624.1
This is the official text of Okla. Stat. tit. 36, § 36-624.1, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Tax credit for taxes paid by domestic insurer in foreign
Official statutory text
state.
If, by the laws of any state other than this state, or by the
action of any public official of another state, any insurer or
company, as defined in Section 624 of this Code, organized or
domiciled in this state, shall be required to pay taxes for the
privilege of doing business in such other state, and such amounts
Oklahoma Statutes - Title 36. Insurance Page 141
are imposed or assessed so that the taxes which are or would be
imposed against Oklahoma domestic insurance companies are greater
than those taxes required of insurers organized or domiciled in such
other states, to the extent such amounts are legally due to such
other states, an insurer or company organized or domiciled in this
state may claim a credit against the tax payable pursuant to this
article for any calendar year prior to 1989 of a sum not to exceed
one hundred percent (100%) of such amount. Provided, for the tax
attributed to premiums collected prior to July 1, 1988, the credit
shall not be greater than the tax payable for such premiums; for the
tax attributed to premiums collected on or after July 1, 1988
through December 31, 1988, the credit authorized by this section and
the investment credit authorized by Section 625 of this title shall
not reduce the tax payable for such premiums to less than one
percent (1%).
Beginning with the taxes payable for calendar year 1989, the
premium tax levied by Section 624 of this title shall not be reduced
by the credit provided for in this section.
If, by the laws of any state other than this state, or by the
action of any public official of another state, any insurer or
company, as defined in Section 624 of this Code, organized or
domiciled in this state, shall be required to pay taxes for the
privilege of doing business in such other state, and such amounts
Oklahoma Statutes - Title 36. Insurance Page 141
are imposed or assessed so that the taxes which are or would be
imposed against Oklahoma domestic insurance companies are greater
than those taxes required of insurers organized or domiciled in such
other states, to the extent such amounts are legally due to such
other states, an insurer or company organized or domiciled in this
state may claim a credit against the tax payable pursuant to this
article for any calendar year prior to 1989 of a sum not to exceed
one hundred percent (100%) of such amount. Provided, for the tax
attributed to premiums collected prior to July 1, 1988, the credit
shall not be greater than the tax payable for such premiums; for the
tax attributed to premiums collected on or after July 1, 1988
through December 31, 1988, the credit authorized by this section and
the investment credit authorized by Section 625 of this title shall
not reduce the tax payable for such premiums to less than one
percent (1%).
Beginning with the taxes payable for calendar year 1989, the
premium tax levied by Section 624 of this title shall not be reduced
by the credit provided for in this section.
Status: in_force · Read it on the official government site
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