When filing a policy in SLIP+, filers are required to select a coverage code and corresponding tax status. The tax status allows the SLIP+ platform to accurately charge the appropriate state taxes, SLIP+ transaction fees, and any state specific assessments.
The tables below provide a description of each tax status and its corresponding details.
IS SUBJECT TO
State Taxes, Applicable State Specific Assessments, and SLIP+ Transaction Fee
DESCRIPTION
All applicable state taxes, assessments, and SLIP+ Transaction fee will be assessed based on the coverage and total premium amount.
IS SUBJECT TO
Applicable State Assessments
Description
Each participating state identifies each tax-exempt coverage in their state. The system has been programmed to identify where this tax status is available based on the home state of the policy and coverage combination.
IS SUBJECT TO
SLIP+ Transaction Fee Only
Description
Any home state approved tax-exempt entity files with this tax status and is exempt from state taxes being applied.
NOTE: All transactions submitted with this tax status will be TIQed and reviewed by the SLIP+ team.
