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Committee moves Senate Bill 32 to consent calendar to cut insurer premium tax to 1.98%
Summary
The Senate Financial Institutions and Insurance Committee voted by voice to advance Senate Bill 32 to the consent calendar after a staff briefing; the bill would reduce the insurance company premium tax from 2% to 1.98% and would discontinue a 1% remittance/credit to the Insurance Department Service Regulation Fund as described by staff.
The Senate Financial Institutions and Insurance Committee voted to advance Senate Bill 32 to the consent calendar after a staff briefing on Feb. 6. The bill would reduce the insurance company premium tax rate from 2% to 1.98% and would discontinue a remittance or credit of 1% of taxes that the department currently sends to the Insurance Department Service Regulation Fund, according to the…
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