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Insurance Premium Tax

Overview

The Insurance Premium Tax is paid by domestic and foreign insurance companies doing business in Vermont. The tax is computed annually on premiums written (or premiums collected for life insurance companies). Quarterly estimates must be paid based on business during the quarter or estimated based on the prior year’s income.

How to File

Mandate for Electronic Filing of Returns

Filing the Vermont Insurance Premium Tax online through myVTax has been mandated by the Commissioner of Taxes. Taxpayers may file returns and pay tax due using myVTax, our free, secure, online filing site. See myVTax resource center for more information about our online filing system. If you have any questions, contact our Insurance Premium Tax and Captive Insurance Premium Tax examiner, (802) 828-2551.

Estimated Payments

We strongly encourage you to use myVTax to make your estimated payments. You can make an estimated payment using ACH debit without logging into your account.

  1. Select Make A Payment under the Payments section on the left side of the web page.
  2. Choose your payment type and select Insurance Premium as the account type under the identifying information screen.
  3. Select Estimated Payment on the payment details screen.

Be sure to enter the period date as December 31st. Insurance premium payments will always have the year-end date, not the quarter end date, not the due date, not the payment date.

Filing Deadlines

Estimates for the Insurance Premium Tax are filed on the last day of May, August, and November. The final payment is due with the return. The return, with final reconciliation and payment of tax, is due on the last day of February.

Tax period Ending 12/31/2020
Due Date Submit
3/01/2021 Annual Filing
Tax Period Ending 12/31/2020
Due Date Submit
6/01/2020 First Estimated Payment
8/31/2020 Second Estimated Payment
11/30/2020 Third Estimated Payment

LAWS, REGULATIONS AND GUIDANCE
32 V.S.A. Chapter 211, Subchapter 7 Insurance Companies