Revenue Notice #04-01: Insurance Taxes - Negative Net Balances

Taxpayers under Minnesota Statutes, chapter 297I are required to pay taxes or surcharges on gross premiums received in a reporting period less premiums returned in the same reporting period. In the event that the return premiums exceed the gross premiums received during a reporting period, the department, upon the filing of a tax return showing a negative balance, subject to the requirements set forth in Minnesota Statutes, sections 297I.60 and 297I.70, will issue a refund to the taxpayer equal to the negative amount multiplied by the applicable tax or surcharge rate.

Raymond R. Krause

Assistant Commissioner

Publication Date: January 20, 2004