For efficiency the Comptroller's Of flee is changing all insurance tax filings, including surplus lines business, to an annual basis. For this purpose, tax f rings will be due March 1 of the following year. Revised tax forms will be mailed during the last week of January to all surplus lines agents and other taxpayers. Surplus lines tax prepayments are still allowed with the use of the revised form. HB 958 provided for a tax exemption for premiums on risks or exposures which are properly allocated to federal waters, international waters or under the jurisdiction of a foreign government.
Risks located in Texas waters are taxable under state law.
A federal tax preemption is recognized for surplus lines business under E1RREA, the Financial Institution Reform, Recovery and Enforcement Act of 1989. Under this act, a policy is tax exempt if it covers property in a receivership estate where the FDIC or RTC is the receiver of a failed financial institution holding the property being insured. This preemption applies to receivership only, not to supervision or conservatorship. The Austin TDD number is 5124634621. The Comptroller of Public Accounts is an equal opportunity employer and does not discriminate on the basis of race, color.