Vermont Department of Taxes Issues Information on Surplus Lines Insurance, Direct Insurance Placement Tax

The Vermont Department of Taxes Sept. 1 issued information on the Surplus Lines Insurance and Direct Insurance Placement Tax for excise tax purposes. The tax is paid by surplus lines brokers licensed by the Department of Financial Regulation. The information provides: 1) the tax is computed on net gross premiums; 2) zero returns aren’t required; 3) electronic filing of returns is mandated; 4) the report and tax are due on the last day of the month following the end of each calendar quarter; and 5) if the due date falls on a weekend or a federal or state holiday, the ...