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House adopts Senate substitute to HB1682, altering surplus-lines broker tax exemption
Summary
On Feb. 12 the House adopted the Senate substitute to House Bill 1682, which changes the tax treatment for insurance purchases from the surplus lines market; the substitute passed by voice and roll-call, 88-1.
The Virginia House of Delegates on Feb. 12 adopted the Senate substitute to House Bill 1682, legislation that changes the tax treatment of insurance purchased from the surplus lines market.
During the supplemental calendar on the deadline day, Delegate Duncan Coleman presented the measure and asked members to accept the Senate substitute. On the floor Coleman described the change as “groundbreaking legislation that would save the taxpayers a hundred thousand dollars” by making surplus-lines purchases tax-exempt in the manner described in the substitute. The motion to adopt the Senate substitute was approved by roll call, announced as Ayes 88, Noes 1.
The House accepted the Senate-substitute language as presented on the supplemental calendar. The floor clerk recorded the outcome as the substitute being adopted. No additional line-item fiscal analyses were read into the record during that motion; the sponsor’s floor remarks summarized an estimated fiscal impact.
Adoption of the substitute advances HB1682 to the next stage of the legislative process in the General Assembly calendar; any further adjustments would occur through subsequent steps such as conference if the Senate or House seeks changes.
The House returned to other supplemental items after the vote and did not provide additional floor debate on HB1682 during the Feb. 12 session.
