PosiTax by ETM Verified by State of KentuckyGeo-spatial/risk location program complies with Kentucky's HB 524 CEDAR RAPIDS, IOWA — (July 23, 2009) — PosiTax by ETM, a risk location application that uses geo-spatial technology to identify correct taxing jurisdictions for municipal premium tax reporting, has been verified as complying with the State of Kentucky’s bill HB 524. Bill 524 mandates the use of risk-location technology, verified by the Kentucky Office of Insurance, for locating risks that are subject to taxes or fees. "More and more audits are being made by municipal tax jurisdictions," said Larry Kane, ETM's president. "Inaccurate identification of property locations leads to incorrect tax filings. Since taxing jurisdictions are defined differently by each state, the definitions can change frequently. As a result, insurers attempt to allocate premiums to these taxing jurisdictions, only to later learn of penalties for inadequate tax payments. PosiTax eliminates those challenges. And we're happy to be verified by the State of Kentucky." Because up to 40 percent of postal addresses are incorrect – and because there are different jurisdiction definitions for each state, which frequently change – PosiTax uses spatial geo-coding to assign correct taxing jurisdictions to policy data. This enables insurers to accurately calculate geographically assigned premium taxes, and it gives insurers the documentation necessary to support municipal premium tax payments and to avoid state penalties.
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