Idaho § 41-3427 - Taxation and annual report

§ 41-3427. Taxation and annual report

(1) Each service corporation shall annually on or before the first day of March, file with the director a report in addition to the statement required under section 41-3425 , Idaho Code, (on forms as approved by the director) under oath, showing the number of subscribers’ contracts, as defined under section 41-3403 (6), Idaho Code, in effect during the preceding year. A tax is hereby imposed upon each such subscriber’s contract, at the rate of four cents ($.04) per subscriber’s contract, per month, such amount to be computed each month. The tax imposed hereby shall be due and payable by each service corporation to the director annually on or before the first day of March of the succeeding year.

The tax imposed hereby shall be in lieu of and in place of the premium tax provided in section 41-402 , Idaho Code, and except as to the tax imposed hereby, and as to the fees provided for in section 41-3433 , Idaho Code, the subscription income, funds and assets of every service corporation are exempt from all state, county and municipal taxes, other than payroll taxes and taxes on real estate and office furniture and equipment.

The director shall transmit and account for all taxes received by him hereunder as provided in section 41-3433 , Idaho Code.

(2) Any service corporation failing to render the annual statement or pay the fee required by section 41-3425 , Idaho Code, or to render the report or pay the tax required under subsection (1) of this section on or before the date due or within any extension of time thereof, not to exceed thirty (30) days, which the director for good cause may have granted, shall be liable to a fine of twenty-five dollars ($25.00) for each additional day of delinquency; and the taxes shall be collected by distraint and recovered by an action to be instituted by the attorney general in the name of the state in any court of competent jurisdiction. The director shall suspend or revoke the certificate of authority of the delinquent service corporation until the statement is filed and the taxes and fine, if any, are fully paid.

[41-3427, added 1961, ch. 330, sec. 785, p. 645; am. 1973, ch. 283, sec. 1, p. 599; am. 1978, ch. 9, sec. 1, p. 16; am. 1982, ch. 252, sec. 1, p. 643.]