How to Complete and File Connecticut Form 207: Premiums, Credits, Deadlines

Connecticut domestic insurance companies report and pay the state’s insurance premium tax on Form 207, filed electronically through myconneCT by March 1 for the preceding calendar year. The tax is 1.5% of net direct premiums written on Connecticut risks, reduced by any guaranty association offsets and tax credits the company qualifies for. This guide walks through who files, what to gather, how each section of the form works, and how estimated payments, extensions, penalties, and amendments fit together.

Who Files Form 207

Form 207 is for domestic insurance companies, meaning life, casualty, and health insurers chartered, incorporated, or organized under Connecticut law that write policies covering property or risks in the state.1Justia. Connecticut Code 12-202 – Tax on Direct Premiums of Domestic Insurance Companies Exception Classification turns on where the company was organized, not where its headquarters sit.2FindLaw. Connecticut Code 38a-1 – Definitions

Three categories of insurers are domestic but do not file this return:

What to Gather Before You Start

The return is short, but the figures feeding it should be reconciled before you log in. Have these ready:

  • Gross direct premiums received from policyholders during the calendar year, net of returned and canceled premiums. Annuity considerations and reinsurance assumed from other companies are excluded.5Department of Revenue Services. Connecticut Insurance Premiums Tax Return – Domestic Companies
  • Dividends paid to policyholders on direct business. Stock-ownership dividends do not count.
  • The amounts already remitted on Forms 207 ESA through ESD and on Form 207 EXT for the year.
  • Supporting schedules for any credits or guaranty association offsets you plan to claim.

You also need to attach these documents to the return itself:

  • The Connecticut state business page from the Annual Statement filed with the Connecticut Insurance Department.
  • Schedule GAA, if claiming a Connecticut Insurance Guaranty Association (CIGA) or Connecticut Life and Health Insurance Guaranty Association (CLHIGA) offset.
  • Form CT-207K, if claiming any Connecticut tax credits, with all underlying certificates.
  • Form CT-1120 JCT, if claiming the JobsCT Tax Rebate.

Working Through the Form

Form 207 runs about 19 lines. The figures underneath them do most of the work.

Premium Base (Lines 1–4)

Line 1 is gross direct premiums less return premiums, limited to premiums on policies covering property or risks in Connecticut and excluding annuity considerations and reinsurance assumed.5Department of Revenue Services. Connecticut Insurance Premiums Tax Return – Domestic Companies Line 2 subtracts policyholder dividends on direct business. What remains is net direct premiums, the base to which the 1.5% rate applies.1Justia. Connecticut Code 12-202 – Tax on Direct Premiums of Domestic Insurance Companies Exception

The statute defines gross direct premiums broadly, covering all receipts whether taken as money or other valuable consideration, with the annuity and assumed-reinsurance exclusions noted above.6Connecticut General Assembly. Connecticut Code Chapter 207 – Insurance Companies and Health Care Centers Taxes Companies writing both life and accident-and-health lines should track premiums by coverage type so that Form 207 ties to the Annual Statement’s state business page. Any mismatch invites audit questions.

Credits and Offsets (Lines 5–8 and 13)

Line 5 captures the total of Connecticut tax credits claimed on Form CT-207K. If you are claiming any credit, including the Neighborhood Assistance Act credit or the Student Loan Payment credit under Conn. Gen. Stat. § 12-217qq, the completed CT-207K and all supporting certificates have to be attached.

Lines 6 and 7 handle guaranty association assessment offsets. A domestic insurer that pays an assessment to CIGA or CLHIGA can offset 100% of that assessment against its premium tax, spread over five successive tax years at 20% per year. Schedule GAA for the current year supports the claim.7Justia. Connecticut Code 38a-866 If the association later refunds any portion of an assessment you already offset, that amount is owed back to DRS with interest.

Line 13 is for the JobsCT Tax Rebate. Enter the amount from Form CT-1120 JCT, Line 2, and attach the form.

Payments and Balance Due (Lines 9–19)

Line 9 is the tax after credits and offsets. Lines 10 through 13 reconcile what you have already put toward the year: any overpayment carried from the prior year on Line 10, estimated installments on Line 11, extension payment on Line 12, and the JobsCT rebate on Line 13.

If total payments and credits exceed the tax, Lines 16a and 16b let you split the overpayment between a refund and a credit toward next year’s estimated tax. That election is irrevocable once filed. Direct deposit details go on Lines 16c through 16e.

If tax exceeds what you paid, Line 17 shows the balance due. Lines 18a and 18b carry any late-payment penalty and interest, which you self-compute. Line 19 is for interest on underpaid estimated installments.

Credits That Reduce the Liability

All Connecticut tax credits flow through Form CT-207K except for the JobsCT rebate, which sits on Line 13.

The Neighborhood Assistance Act credit is available for cash contributions to approved community programs run by tax-exempt organizations or municipalities. The credit is up to 60% of the amount invested for most qualifying programs, and 100% for energy conservation projects and comprehensive college access loan forgiveness programs.8Connecticut General Assembly. Chapter 228a – R.E. Van Norstrand Neighborhood Assistance Act Two limits worth flagging: insurance companies cannot claim the credit for activities within their normal course of business, and child care facility investments are capped at $50,000 per income year.

The Student Loan Payment Tax Credit is refundable. If you are requesting a refund of this credit on Form 207, check the box provided.

Whichever credits you claim, attach every certificate and supporting schedule. Missing paperwork is one of the quickest ways to lose a credit on review.

Estimated Tax Payments

If your company’s insurance premium tax after offsets and credits will be $1,000 or more for the year, quarterly estimated payments are required.9Connecticut State Department of Revenue Services. Insurance Premiums Tax Return – Domestic Companies Tax Information The required annual payment is the lesser of:

  • 90% of the tax shown on the current year’s Form 207 after offsets and credits, or
  • 100% of the tax shown on the prior year’s Form 207, Line 9.

For the 2026 tax year, the four installments and cumulative percentages of the required annual payment are:10State of Connecticut Department of Revenue Services. 2026 Estimated Insurance Premiums Tax – Domestic Insurance Companies

  • Form 207 ESA, due March 15: 30% prior-year method, or 27% current-year.
  • Form 207 ESB, due June 15: cumulative 60% prior-year, or 54% current-year.
  • Form 207 ESC, due September 15: cumulative 80% prior-year.
  • Form 207 ESD, due December 15: cumulative 100% prior-year.

If a due date falls on a weekend or legal holiday, payment made on the next business day is timely. Interest on underpaid installments accrues at 1% per month from the installment due date until paid.

How and When to File

Form 207 is due on or before March 1 of the year following the calendar year being reported. Premiums received in 2025 are reported on Form 207 due by March 1, 2026.9Connecticut State Department of Revenue Services. Insurance Premiums Tax Return – Domestic Companies Tax Information

Filing is electronic only, through myconneCT at portal.ct.gov. Paper returns are not accepted.11Connecticut State Department of Revenue Services. Filing and Paying Connecticut Taxes Electronically Payment options inside myconneCT include:

  • ACH debit, where you authorize DRS to pull funds from your bank by entering account details, amount, and transfer date.
  • ACH credit, which you initiate through your own bank in the CCD+TXP format after pre-registering with the DRS Electronic Commerce Unit.
  • Credit or debit card. American Express, Discover, Mastercard, and Visa are accepted.

Requesting an Extension

If you cannot file by March 1, submit Form 207 EXT on or before that date together with payment of all the tax you expect to owe. An extension of time to file does not extend the time to pay. Under Conn. Gen. Stat. § 12-205, the Commissioner of Revenue Services may grant extensions for good cause when a written request is filed with a tentative return and payment of the estimated tax due.12FindLaw. Connecticut Code 12-205 – Annual Return Extensions

If You File or Pay Late

Tax not paid by the due date carries a penalty of 10% of the unpaid amount or $50, whichever is greater.13Justia. Connecticut Code 12-206 – Penalties for Late Filing and Wilful Submission of Fraudulent Return or Document The same penalty applies to the balance on a return DRS prepares when a company fails to file.

Interest runs at 1% per month, or fraction of a month, from the original due date until the balance is paid in full. The penalty and interest are entered on Lines 18a and 18b of the return. Underpaid estimated installments trigger separate interest on Line 19.

Correcting a Return After Filing

If you find an error, file a corrected Form 207 through myconneCT with the amended-return box checked. Provide the correct figures for the period and an explanation of what changed. A refund claim on an amended return has to be filed within three years of the original due date; miss that window and the refund is forfeited.