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Committee gives due-pass recommendation to insurer tax bill after rejecting retroactivity and exemption changes
Summary
The Ways and Means Committee moved engrossed House Bill 2,487 — addressing B&O tax exemptions for insurers and advanced computing surcharge provisions — to the rules committee with a due-pass recommendation after defeating three amendment attempts, including proposals to lower surcharge caps and to remove retroactive tax liability.
The Ways and Means Committee on March 10 moved engrossed House Bill 2,487, concerning taxes imposed on insurers, to the rules committee with a due-pass recommendation subject to signatures.
Senator Wagner, who presented the bill summary, said the engrossed house version clarifies that the business-and-occupation (B&O) tax exemption for insurance businesses applies only to the insurer paying the premium tax and is limited to the revenue on which that premium tax was paid. Wagner said the house version also adds an interest-and-penalty…
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