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2023 RI FORM T-71 INSURANCE - GENERAL INSTRUCTIONS
Form T-71 is due on or before April 15, 2024
Informational Section Line 6b: Tax that would be imposed by taxpayer’s state or coun-
try.
Check whichever box applies: Only complete this line if your state is a retaliatory state.
Insurance companies check the “Insurance Company” box. Line 7: Total tax due. Enter the amount from line 6a or line 6b,
whichever is greater.
Specifically identified companies check the “Nonprofit Hospital
Service Corp, Nonprofit Dental Corp, Nonprofit Medical Service Line 8a: Rhode Island credits. Enter the amount of credit from
Corp, and HMO” box. RI Schedule B-CR, Business Entity Credit Schedule, line 19.
Proper documentation along with RI Schedule B-CR must be
If filing an amended T-71, check the “Amended” box. attached to your return to support the amount of credit being
claimed.
Schedule A - Computation of Tax Line 8b: Enter the amount of Life and Health Guaranty Fee.
Line 1a. Enter the amount of gross premiums less return premi- Line 9: Total Credits. Add lines 8a and 8b.
ums from Schedule T, Part 1 of your Annual Statement to
Insurance Commissioner. Line 10a: Tax after credits. Subtract line 9 from line 7. If zero or
less, enter $0.
Line 1b: Enter the amount of reinsurance assumed from compa-
nies not authorized to do business in Rhode Island. (Covering Line 10b: Enter the amount from line 10a.
property and risks in Rhode Island.)
Line 11a: Enter the amount of any estimated payments made on
Line 2: Total Premiums. Add lines 1a and 1b. 2023 BUS-EST, Business Estimated Tax Payment or amounts
applied from the prior year.
Line 3a: Mutual and Mutual Plan Companies Only -
Enter the amount of dividends paid or credited to policyholders. Line 11b: Enter the amount of any other payments made for tax
year 2023.
Line 3b: Enter the amount of direct ocean marine premiums and
any other federally exempted premiums such as Flood Insurance, Line 12: Total Payments. Add lines 11a and 11b.
Livestock, Crop, and Medicare Title XXVII. (Gross amount less
return premiums.) Line 13: Previously issued overpayments. If filing an amended
return, enter the amount of the overpayment from the original
This line does not apply to risk retention groups. Include on this return whether the overpayment was refunded or carried forward.
line any premiums that the State of Rhode Island is prohibited
from taxing pursuant to federal law, including premiums for health Line 14: Net Payments. Subtract line 13 from line 12.
benefits through the Federal Employees Health Benefits program
under Title 5 US Code § 8909(f), premiums paid to Medicare Line 15: Net Tax Due. If line 10b is greater than line 14, subtract
organizations under Title 42 US Code §§ 1395w-24(g), 1395w- line 14 from line 10b. This is the amount of tax due.
112(g), or 1395mm(k)(4)(B)[t1] premiums paid for crop insurance
and livestock policies that are reinsured by the Federal Crop Line 16: Interest due -
Insurance Corporation pursuant to Title 7 US Code § 1511 and
Federal Flood Insurance administered by the National Flood (a) Late payment interest on tax due
Insurance Program pursuant 42 U.S.C. § 4071.
For failure to pay the tax on time, interest at the rate of 12%
Line 3c: Enter your capital investment deduction amount - (0.1200) per year; or 1.0% (0.0100) per month, shall be
R.I. Gen. Laws § 44-43 assessed.
Line 3d: Enter the amount of Tax Incentives for Employers Interest shall accrue on the amount from line 15 at the rate of 12%
deduction against gross premiums as calculated on Form RI- per annum from the due date for filing the return to the actual date
107. Form RI-107 must be attached to your return. of payment.
Line 4: Total deductions. Add lines 3a, 3b, 3c and 3d. (b) Underestimating interest
Line 5: Net taxable premium. Subtract line 4 from line 2. In the case of any underpayment of the estimated taxes by an
insurance company there shall be added to the tax as the case
Line 6a: Rhode Island tax. Multiply line 5 by the tax rate of 2% may be for the taxable year, an amount determined at the rate of
(0.02). 12% per annum upon the amount of the underpayment for the peri-
od of the underpayment.
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