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AL HB85
Bill
Status
2/2/2021
Primary Sponsor
David Wheeler
Click for details
AI Summary
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Expands the Alabama Insurance Offices Facilities Credit to include offices used by licensed producers appointed by an insurer, in addition to insurer-owned or leased offices used for insurance operations.
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Expands the definition of "affiliate" under insurance premium tax credits to include licensed producers appointed by the insurer.
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Maintains the existing credit structure based on full-time employees or licensed producers (1-3: 0.0025%, 4-10: 0.0050%, 11-50: 0.0075%, 51+: 0.0100%), with a maximum aggregate credit of 1% of Alabama premiums.
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Effective for all taxable years beginning after December 31, 2021.
Legislative Description
Insurance premium tax credits, to expand the Alabama Insurance Offices Facilities Credit for certain activities, to expand who can be an affiliate, Sec. 27-4A-3 am'd.
Insurance Premium Tax
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
2/2/2021