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Georgia premium tax explained: $1.85 billion collected in 2024 and key revenue for cities and counties
Summary
The Insurance Department told the committee Georgia collected about $1.85 billion in premium tax in 2024; cities and counties may levy additional local premiums (1% life, 2.5% other). Local officials explained those receipts subsidize police, fire and public‑works budgets and reduce pressure on property tax mills.
Department of Insurance staff briefed the House Insurance Rate Study Committee on premium tax mechanics and local impacts. The department said it collected about $1.85 billion in premium tax in calendar 2024; roughly $744 million was transferred to the state treasury and about $1.1 billion distributed to cities and counties.
Bryce Rawson and Manny Snipes summarized that Georgia’s state premium tax rate is 2.25% on admitted companies’ gross direct premiums…
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