What is the fire insurance gross premiums tax credit for? Is there a carryover to other years for credit not used this year?
The credit is equal to the amount of tax paid to the Insurance Division based on fire insurance premiums for the tax year. For example, the taxpayer would enter a credit on Form 20-INS for the amount of tax shown on the taxpayer’s State Fire Marshal report for the same year. See ORS 317.122 and ORS 731.820. There is no carryover.
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