CT SB00016

Reduces the insurance premium tax rate on health care coverage contracts with municipalities from 1.75% to 1.3% for income years beginning January 1, 2010 and January 1, 2011.

Further reduces the tax rate to 0.9% for the income year beginning January 1, 2012.

Eliminates the insurance premium tax entirely (0% rate) for municipal health care coverage contracts for income years beginning January 1, 2013 and thereafter.

Applies the same phased tax reduction to health care centers governed by sections 38a-175 to 38a-192 that provide coverage to municipal employees and retirees.

Takes effect July 1, 2010, and applies to income years commencing on or after January 1, 2010.