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Committee approves tax-exemption bill for Virginia Railway Express surplus-line insurance purchases
Summary
SB 1269 would exempt surplus-line insurance procured through brokers for Virginia Railway Express from state taxes; sponsor said the exemption would save roughly $100,000 a year. The committee voted to refer the bill to Senate Finance (recorded vote: aye 15–0).
Senator Pokarski explained SB 1269, which would exempt surplus-line insurance policies procured by brokers on behalf of the Virginia Railway Express (VRE) from state annual license taxes, penalties and other costs that currently apply to surplus-line purchases.
Pokarski told the committee the Virginia Department of the Treasury reviewed the proposal…
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