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Senate revokes regional-home-office break in insurance premium tax after auditor review
Summary
Senators approved House Bill 1003 to end the Regional Home Office (RHO) preferential premium-tax rate after state auditor reviews found the tax break did not correlate with job growth. Backers said the change restores tax equity; opponents warned of job losses and urged phased approaches.
The Colorado Senate on Aug. 24 passed House Bill 1003, which phases out a reduced tax rate for certain insurance companies that qualify as regional home offices (RHO). The measure ends the 50% rate reduction for qualifying premium activity after tax year 2025; supporters cited state-auditor reviews that found the RHO did not reliably produce job growth in Colorado.
"The data indicate that this provision does not lead to jobs," said Senator Weisman, noting a recent Office…
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