New York Partner Zachary Lerner authored a Law360 article discussing developments in state taxation of nonadmitted insurance due to a recent decision in New Jersey Tax Court.
“Until recently, it has been generally presumed that direct procurement insurance taxes must be paid to a policyholder’s home state on the entire premium paid under an insurance policy, regardless of where the insurance risks are located. However, new case law has thrown into question the extent to which states can tax direct procurement insurance transactions on 100% of the premium thereunder when the risks covered are located in multiple jurisdictions,” Lerner writes.
To read the full article, visit Locke Lord’s InsureReinsure blog.
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