HB 293 Summary

• Provides nonrefundable tax credits against insurance premium taxes for private insurers writing homeowners policies with wind and hail coverage in Alabama counties contiguous to the Gulf of Mexico and Mobile Bay

• Credits equal 20 percent of insurance premium tax otherwise due in Zone 4, and 35 percent in Zones 1, 2, and 3

• Applicable only to properties that were insured through the Alabama Insurance Underwriting Association at the time the private policy was written

• Tax credit can be claimed only once per structure per taxable year, regardless of the number of policies written on that structure

• Applies to all new policies issued with an effective date after this act becomes effective; becomes effective on the first day of the third month following passage and approval by the Governor