Article 33 – Franchise tax on insurance corporations

Information on this page relates to a tax year that began on or after January 1, 2023, and before January 1, 2024.

You must file and pay the franchise tax on insurance corporations if you are a life insurance corporation, non-life insurance corporation, or captive insurance company, engaged in the insurance business in New York State, or otherwise subject to tax under Article 33.

Calculating the tax

Authorized life insurance corporation tax computation:

Authorized tax computation
Highest tax	Add	Capital tax	Add	Premiums tax	Add	MTA
Highest tax based on four bases entire net income business and investment capital alternative tax fixed dollar minimum tax	+	Subsidiary capital tax Subsidiary capital tax (if you have subsidiaries)	+	Premiums tax Life insurance company premiums tax	+	MTA surcharge Metropolitan transportation business tax (MTA surcharge) if applicable

An authorized life insurance corporation is also subject to the limitation on tax under Tax Law section 1505(a)(2) and the floor limitation on tax under Tax Law section 1505(b).

Unauthorized life insurance corporation and unauthorized non-life insurance corporation tax computation:

Unathorized tax computation
Highest tax	Add	Capital tax	Add	MTA
Highest tax based on four bases entire net income business and investment capital alternative tax fixed dollar minimum tax	+	Subsidiary capital tax Subsidiary capital tax (if you have subsidiaries)	+	MTA surcharge Metropolitan transportation business tax (MTA surcharge) if applicable

Unauthorized life insurance corporations and unauthorized non-life insurance corporations are not subject to the premiums tax or the limitations under 1505(a)(2) and 1505(b).

Authorized non-life insurance corporation tax computation:

Authorized non-life insurance tax computation
Greater of	Add	Tax
The greater of: Tax on premiums (1.75% tax on accident and health insurance premiums plus 2% tax on other non-life insurance company premiums), or Minimum tax of $250	+	Metropolitan transportation business tax (MTA surcharge) if applicable

The captive insurance company tax computation is based on gross direct premiums and assumed reinsurance premiums. The tax rate on premiums varies based on the amount of premiums. For more details, see the instructions for Form CT-33-C, Captive Insurance Company Franchise Tax Return. The tax cannot be less than the $5,000 minimum tax. Captive insurance companies are not subject to the MTA surcharge.

Paying estimated tax

If your corporation reasonably expects to owe more than $1,000 in franchise tax after credits, you must file estimated tax forms (CT-400, Estimated Tax for Corporations) and make quarterly payments of all estimated tax due. Most insurance corporations are mandated to e-file the estimated tax.

Use tax preparation approved software to submit Form CT-400, or
Use Corporation Tax Web File to submit Form CT-400. You will need to first create an Online Services account.

When to file your return

When to file your return
Type of filer	Due date
Calendar year	On or before April 15
Fiscal Year	On or before the 15th day of the fourth month after the end of the reporting period

If your due date falls on a Saturday, Sunday, or legal holiday, you may file your return on or before the next business day.

How to file and pay

You may have to e-file your return. See e-file and e-pay requirements for certain filers for details.

Most authorized life insurance corporations and unauthorized insurance corporations file Form CT-33, Life Insurance Corporation Franchise Tax Return, or Form CT-33-A, Life Insurance Corporation Combined Franchise Tax Return. Authorized life insurance corporations and unauthorized insurance corporations subject to the MTA surcharge must also file Form CT-33-M, Insurance Corporation MTA Surcharge Return.

Most authorized non-life insurance corporations file Form CT-33-NL, Non-Life Insurance Corporation Franchise Tax Return. Non-life insurance corporations subject to the MTA surcharge must also file Form CT-33-M.

Captive insurance companies file Form CT-33-C, Captive Insurance Company Franchise Tax Return. Captive insurance companies are not subject to the MTA surcharge.

If you cannot meet the filing deadline

If you cannot meet the filing deadline, you may request a six-month extension of time by filing Form CT-5, Request for Six-Month Extension to File, and paying your properly estimated franchise tax and MTA surcharge on or before the due date of the return. Most insurance corporations are mandated to e-file the extension.

Use tax preparation approved software to submit Form CT-5, or
Use Corporation Tax Web File to submit Form CT-5. You will need to first create an Online Services account.

For more information see:

Corporation tax forms and instructions (current year) or (prior years and periods)
Corporation Tax Publications
Corporation Tax Memos (TSB-Ms)
Corporation Tax Advisory Opinions

Updated: March 12, 2024