A. As used in this section:

1. “Economically targeted credits” means any credit against the insurance premium tax other than the home office credits;

2. “Home office credits” means the credits against insurance premium tax authorized pursuant to Section 625.1 of this title;

3. “Insurance premium tax” means those levies imposed pursuant to Sections 624 and 628 of this title; and

4. “Insurance premium tax liabilities” means the total liability of any insurance company created by the insurance premium tax.

B. Any taxpayer adversely affected by a requirement of the Oklahoma Insurance Department for deducting home office credits after the deduction of economically targeted credits in computation of the taxpayer’s insurance premium tax liabilities for the period January 2003, through December 2006, shall be granted a refund, pursuant to the provisions of Section 624.2 of this title, for the difference between the insurance premium tax liability as it would have been computed had the home office credit been deducted prior to economically targeted credits and the insurance premium tax liability as it was actually computed for such periods.

C. The provisions of this section shall be deemed sufficient grounds for the granting of a refund claim pursuant to subsection C of Section 624.2 of this title.

D. No refund otherwise payable pursuant to the provisions of this section shall be paid to a claimant prior to July 1, 2007.

E. Refunds paid on or after July 1, 2007, pursuant to the provisions of this section shall only be paid from those insurance premium taxes and fees that would be apportioned to the General Revenue Fund of the State Treasury. No refund otherwise payable pursuant to the provisions of this section shall be paid from insurance premium taxes or fees that would be apportioned to the Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma Police Pension and Retirement System or the Law Enforcement Retirement Fund.

F. Any and all premium tax credits to be utilized or recovered in a subsequent year are fully admitted as an asset to the insurer owning or generating said credits.

Added by Laws 2005, c. 381, § 3, eff. July 1, 2006. Amended by Laws 2006, 2nd Ex. Sess., c. 44, § 1, eff. July 1, 2007.