Positax

When it comes to calculating municipal tax obligations, assigning state tax jurisdictions need not be expensive, labor-intensive, time-consuming, or inaccurate.

In compliance with the Kentucky HB 524 Insurance Premium Tax Reform, PosiTax makes all municipal tax, fee, contact, and due-date information available on demand using Microsoft Excel, including the precise taxing jurisdiction FIPS coding. Enter addresses into a spreadsheet, and Excel accesses the PosiTax state taxing databases, returning the information needed to determine the tax liability and applicable regulations by individual address for all municipal-taxing states. In Kentucky, for example, by identifying tax and surcharge amounts, along with the name of the taxing jurisdiction, such charges can be passed along to the policyholder.

PosiTax is a digital database that uses spatial geo-coding to precisely assign taxing jurisdictions to policy data, using municipal boundaries, police and fire districts, or stated-defined geographies. And PosiTax jurisdictions include the boundaries of taxing authorities and the profiles of corresponding state-mandated reporting codes. That ensures the correct premium tax jurisdiction for each insured, and it ensures that premium taxes for municipalities are computed in accordance with each state's requirements.

PosiTax completely automates the jurisdiction assignment process, while helping to cleanse incomplete or inaccurate address records. Jurisdiction profiles are updated quarterly to reflect annexations and tax law changes. If an incomplete policy-address record doesn't produce a jurisdiction match – and for states in which it’s allowed – PosiTax can apply a jurisdiction code based on the extrapolated zip-code frequency of all policy address records analyzed.

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