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Appropriations hears bill to remove $100,000 premium tax cap for series captive insurers
Summary
Senate Bill 60 would remove a $100,000 cap on premium tax for series business unit captive insurers; state official and industry witnesses told the committee the change is intended to equalize tax treatment and could raise premium tax revenues as the captive sector grows.
Senator Noland introduced Senate Bill 60 and its fiscal implications to the Appropriations Committee, saying the bill would remove the statutory $100,000 premium tax cap that currently applies to series business unit captive insurance companies for tax years beginning after Dec. 31, 2025.
Frank Cote, representing the commissioner of securities and insurance, testified as a proponent. Cote explained the captive structures at a high level and why the change would increase premium-tax…
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