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Senate Bill 60 on taxes for captive and special-purpose insurers passes committee
Summary
Senate Bill 60, which would revise payment-of-tax rules for captive and special-purpose insurers and remove a $100,000 cap, passed the Senate Business and Labor committee by voice vote and was moved to the floor.
Senate Bill 60, described in committee as a measure revising laws related to the payment of taxes by certain captive insurers and special-purpose insurers, passed the Senate Business and Labor committee and was advanced to the floor.
A committee member read the title into the record: the bill revises laws relating to payment of taxes by captive insurers and special-purpose insurers, amends a listed statutory section (as read in the transcript), and sets an applicability date. Chair and members briefly discussed the bill; Speaker 6 summarized that removing the previous $100,000 cap on a referenced tax threshold was an intent of the measure.
The committee approved the bill by voice vote and the bill was moved to the Senate floor. No roll-call vote or fiscal details were recorded in the transcript; the committee's discussion was brief and limited to title and intent.
