HB1556 Summary

• Increases the maximum workers' compensation premium tax rate from 3% to 4% on all written manual premiums for carriers, self-insured employers, and public employers.

• Requires that any funds collected above 3% of written manual premiums be credited to the Death and Permanent Total Disability Trust Fund.

• Maintains the combined total taxation rate for all three workers' compensation funds at a maximum of 4% of all written manual premiums.

• Amends Arkansas Code sections 11-9-303, 11-9-304, 11-9-305, and 11-9-306 to implement the increased tax rate and fund allocation changes.

• Updates language in affected statutes to clarify that the Workers' Compensation Commission shall collect taxes, and corrects references to statutory sections.