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AR SB1056
Bill
Status
Failed
5/17/2013
Primary Sponsor
Bart Hester
Click for details
AI Summary
- Amends Arkansas Code § 26-57-615 to create a premium tax credit for insurance companies (excluding life, fraternal benefit, and health/accident insurers) that invest in Arkansas securities
- Requires insurers to invest at least 25% of total admitted assets in Arkansas securities and submit annual reports to the commissioner as of December 31
- Provides tiered tax reductions based on Arkansas investment levels compared to the insurer's highest investment state: 25% tax reduction up to $200,000 (70-80% parity), 50% reduction up to $250,000 (80-90% parity), or 75% reduction up to $300,000 (over 90% parity)
- Excludes reinsured policies from the credit unless the related insurer bearing the risk would qualify directly on a consolidated basis
- Defines "securities" to include Arkansas real estate, state/municipal bonds, mortgage-secured notes, and bank deposits
Legislative Description
To Provide A Premium Tax Credit For Insurance Companies That Invest In Arkansas Securities.
Last Action
Sine Die adjournment
5/17/2013
Committee Referrals
Revenue & Taxation3/11/2013
Full Bill Text
No bill text available