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Senate committee passes bill revising tax rules for captive and special-purpose insurers
Summary
The Senate Business and Labor Committee passed Senate Bill 60, which revises tax payment rules for certain captive and special-purpose insurers and amends a specified statutory section; the committee sent the bill to the floor.
The Senate Business and Labor Committee voted to pass Senate Bill 60 and advance it to the Senate floor. The bill’s title, as read to the committee, states it revises laws relating to the payment of taxes by certain captive insurers and special-purpose insurers and amends a specified statutory section.
Committee discussion referenced removing a $100,000 cap on captive-insurer taxation and noted that the drafter had explained the intended change. The clerk recorded a proxy vote and the committee chair announced that Senate Bill 60 passes and will move to the floor.
The transcript contains the bill title read into the record and a brief exchange that the sponsor described the bill as theirs. No fiscal figures or detailed amendments were read during the excerpt provided to the committee.
