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AR SB1057

Bill

Official Source

Status

Failed

5/17/2013

Primary Sponsor

Bart Hester

Click for details

Origin

Senate

89th General Assembly (2013 Regular)

AI Summary

  • Adds Arkansas Code 23-63-116 to allow domestic property and casualty insurers a credit or reduction on their gross premiums tax equal to retaliatory taxes paid to other states or foreign countries
  • The Insurance Commissioner determines which taxes, fines, penalties, deposit requirements, or fees qualify as retaliatory taxes eligible for the credit
  • Excludes application fees, examination fees, license fees, appointment fees, and continuation fees for agents, adjusters, service representatives, or consultants
  • Excludes ad valorem taxes on real or personal property and special purpose obligations, fees, or assessments imposed by other states

Legislative Description

To Allow A Retaliatory Tax Credit For Taxes Paid To Other States By A Domestic Property And Casualty Insurer.

Last Action

Sine Die adjournment

5/17/2013

Committee Referrals

Insurance & Commerce3/11/2013

Full Bill Text

No bill text available