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Senate adopts bill curbing an insurance premium tax break after auditorreport
Summary
The Senate adopted House Bill 1003 on Aug. 24 to adjust or end the Regional Home Office (RHO) insurance premium tax reduction after nonpartisan audits raised doubts about job benefits; sponsors cited OSA analysis saying 15 of 18 beneficiary groups cut jobs while claiming credits.
The Senate moved House Bill 1003 forward Aug. 24 to reduce or curtail a longstanding insurance premium tax break that allowed qualifying insurers to claim a reduced rate for regional home offices.
Sponsor Senator Wiseman described the insurance RHO as a long-standing break that has not demonstrably produced job growth, citing an…
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