SB130 Summary

• Amends insurance premium tax distribution by redirecting 50 percent of domestic life insurer taxes to the State General Fund instead of the Education Trust Fund, with 100 percent of all other domestic insurer taxes now going to the General Fund.

• Changes use tax distribution by allocating 75 percent of remote use tax to the General Fund and 25 percent to the Education Trust Fund, with remaining amounts split 47 percent to Education Trust Fund and 53 percent to General Fund.

• Modifies foreign insurer premium tax credits, changing distributions from property and other foreign insurers from split percentages to 100 percent allocation to the State General Fund.

• Excludes the tax distribution changes from the Education Trust Fund fiscal year appropriation cap calculation for fiscal year 2017.

• Becomes effective October 1, 2016, following passage and gubernatorial approval.