Excise Lieu Property Tax Law and Legal Definition
Excise lieu property tax is a tax on the gross premiums received and collected by specified classes of insurance companies.
Tax on gross premiums received and collected by designated classes of insurance companies are not license tax, but excise lieu property tax. The words gross premiums received and collected being merely a measuring stick for determining amount and how property of chargeable insurance companies shall be determined and fixed for assessment, since license fees are separately provided for by statute. [United Pac. Ins. Co. v. Bakes, 57 Idaho 537 (Idaho 1937)].
