63-23P: Premium Excise Return for Insurance Companies (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Form 63-23P is the Premium Excise Return for Insurance Companies for calendar year 2024. It reports taxable premiums, applicable investment income, excise calculations, credits and payments. The return must be filed electronically; paper returns are not accepted.
Who files this form
Form 63-23P is Massachusetts’ Premium Excise Return for Insurance Companies for calendar year 2024. It includes sections for:
- Domestic casualty insurers.
- Foreign casualty insurers.
- Preferred provider arrangements.
Domestic casualty insurers must complete Part 1, Premium excise, and Part 2, Gross investment income. Foreign casualty insurers must complete Part 3, Computation on retaliatory tax.
What you'll need
Gather the information and supporting schedules that apply to your company:
- Company name, federal identification number, state of incorporation, mailing address, phone number and treasurer’s name.
- Employee counts for Massachusetts and worldwide.
- Premium amounts, premiums returned or credited to policyholders, and applicable FAIR Plan amounts.
- A copy of Schedule T of the NAIC annual statement for domestic and foreign casualty insurers.
- For domestic casualty insurers, the Exhibit of Net Investment Income for Part 2. Part 1, line 2 also requires a supporting schedule showing total business written by state. A copy of Schedule T is accepted if admitted states are designated.
- A Credit Recapture Schedule if reporting credit recapture, and the Credit Manager Schedule for other credits or refundable credits.
- Amounts for estimated tax payments, prior-year overpayments applied to this year, extension payments and applicable pass-through entity withholding, including the payer identification number.
How to file
File electronically. The form warns that paper returns will not be accepted.
For electronic filing questions, call 617-887-6367. See the Massachusetts Department of Revenue’s electronic filing and payment requirements for more information. The form also refers filers to TIRs 16-9 and 21-9.
Complete the sections that apply to your company and include the required supporting schedules. The declaration calls for the signature of an appropriate corporate officer.
Common mistakes
- Sending a paper return: This return is e-file only. Paper returns will not be accepted.
- Claiming a credit twice: Do not claim a credit on this return if it was claimed on Form 63-29A.
- Exceeding the line 23 credit limit: The total entered on line 23 must not exceed line 1.
- Double-counting a prior-year overpayment: Do not include the amount from line 30 in estimated tax payments on line 31.
- Using line 33 on an original return: This line is for payments with the original return only when amending.
- Entering a negative amount on line 27: The amount must not be less than zero.
Questions people ask
Can an overpayment be applied to next year?
Yes. Enter the amount to be credited to next year on line 38. Line 39 shows the amount to be refunded, calculated by subtracting line 38 from line 37.
How do foreign casualty insurers compare the regular tax with retaliatory tax?
Line 14 requires the larger of line 11 plus line 13 or line 12 plus line 13. Line 12 comes from the retaliatory tax calculation in Part 3.
Are Medicare supplemental premiums included for preferred provider arrangements?
The form states that premiums for Medicare supplemental coverage are excludable from the gross premiums reported on line 15.
Can DOR discuss the return with the paid preparer?
The form includes a circle to fill in if DOR may discuss the return with the paid preparer.