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Senate committee advances bill to cap and phase down insurance premium tax credit
Summary
Senate Bill 345 would cap the insurance premium tax credit at $18,000,000 per company and phase the credit rate from 80% down to 50% over four years; sponsor said the change reduces the annual credit from about $43M to $27M by year four and described the proposal as an industry-supported compromise.
Senator Hendren presented Senate Bill 345 to the Senate Revenue & Tax Committee, describing it as a revision to the insurance premium tax credit that has existed in Arkansas for decades. He said the bill would set the credit at 80% in the first year with an $18,000,000 cap per company, then reduce the credit rate to 70%, 60% and 50% over a four-year phase-in.
Hendren said the change is aimed at…
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