Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu

Insurance Premium Tax Payments And Credits

Concerning modifications to the insurance premium tax, and, in connection therewith, modifying how credits against premium tax payments may be claimed or transferred, adjusting how estimated quarterly taxes are calculated, and allowing a company to claim a refund for overpayments of estimated premium tax liability.
2020 Extraordinary Session
State Government
Bill Summary

The act:

  • Adjusts how calendar quarter estimates of the tax on insurance premiums are calculated and allows the payment for the first calendar quarter of a year to be adjusted to reflect the claiming of an allowable tax credit or previous estimated payments;
  • Allows a company that has overpaid on its estimated premium tax liability to either apply the overpayment to future estimated payments or claim a refund;
  • Provides that in calculating the amount of a refund, any nonrefundable tax credits claimed by the company are applied to the company's tax liability first, and the amount of the refund cannot exceed the total amount of any additional payments made by the company;
  • Allows a taxpayer to claim a small business recovery tax credit or an affordable housing tax credit against estimated premium tax payments; and
  • Provides for the transfer of small business recovery tax credits among affiliates.
    (Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details