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AR SB345
Bill
Status
3/13/2019
Primary Sponsor
Jim Hendren
Click for details
AI Summary
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Reduces the maximum offset against accident and health insurance premium taxes from 80% to a declining schedule: 80% before January 1, 2021; 70% for tax year 2021; 60% for tax year 2022; and 50% for tax years beginning January 1, 2023 and after.
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Establishes an annual cap of $18,000,000 on the total credit that authorized accident and health insurers can receive beginning January 1, 2020.
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Maintains the existing 70% maximum offset for life premium taxes without change.
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Requires quarterly estimated reporting and payment of taxes as prescribed by the Insurance Commissioner, with annual reconciliation when filing the annual report.
Legislative Description
To Reduce The Credit Available To Offset The Accident And Health Insurance Premium Tax; And To Provide For A Cap On The Credit Available To Offset The Accident And Health Insurance Premium Tax.
Last Action
Notification that SB345 is now Act 457
3/13/2019