Is the insurance industry subject to taxation?

In Maryland, the insurance industry is subject to taxation. The type of taxes that apply depend on the type of insurance. For example, health insurance is exempt from the state sales and use tax. Property and casualty insurance, as well as life and annuity insurance, are subject to the Maryland Insurance Premium Tax. All insurers must pay this tax, regardless of the type of insurance they are selling. Additionally, some insurance companies may be subject to other taxes, such as the Corporate Income Tax. This applies to insurance companies who have income from outside of Maryland. Insurance companies will also need to ensure that they are compliant with the Personal Property Tax and the Maryland Insurance Premium Tax. Overall, the insurance industry in Maryland is subject to taxation. The type and amount of tax depend on the type of insurance they are selling and where they are selling it from. The taxes that the insurance industry is subject to are important for them to be aware of and understand, in order to ensure they remain in compliance.

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Is the insurance industry subject to taxation?

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