Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Premium Tax topic
No spam. Unsubscribe anytime.
House committee caps insurers' premium-tax amendment look-back at three years
Summary
The House Insurance Committee approved House Bill 12 63 to limit insurers' retroactive premium-tax amendments to three years, citing a FY2025 seven-year review that produced a roughly $142 million refund and disrupted state fiscal planning.
The Georgia House Insurance Committee on Friday approved House Bill 12 63, which would limit the period insurers may amend prior years' premium-tax filings to three years. The measure, presented as a Department of Insurance request, advances to the Rules committee.
The bill's sponsor told the committee the change brings clarity and predictability to state revenue forecasting. "House Bill 12 63 establishes a clear and reasonable limitation by capping that look back period at 3 years," the author said during the hearing. The sponsor said the cap aligns the premium-tax amendment period with the routine three-year amendment window used for individual income-tax filers.
Supporters pointed to a fiscal-year 2025 example in which a single company's seven-year retrospective review sought a refund of more than $142,000,000, creating an "unanticipated liability" that disrupted budget planning. The sponsor said the bill is not intended to prevent legitimate corrections or refunds but to limit retroactive exposure to a reasonable window.
Committee members did not take public comment because the bill had been vetted in subcommittee. After brief procedural remarks the committee took a motion to "do pass," approved the motion by voice vote and the chair declared the bill passed and sent to Rules.
The committee record shows the bill advanced by voice vote; no roll-call tally was recorded in the transcript. The next formal step listed by the chair is referral to the Rules committee.
