ID H0077

Amends Section 72-523, Idaho Code, relating to premium tax payments into the industrial administration fund by insurers and self-insurers.

Changes the tax deduction rate for insurers from 1.35% to 50% of net premiums written or premium tax paid, allowing them to deduct this amount from taxes owed to the department of insurance.

Grants Idaho Industrial Commission commissioners discretionary authority to waive premium tax payments, in whole or in part, when the industrial administration fund balance is sufficient to fully fund commission operations.

Any waiver of premium taxes applies to all insurers and self-insurers for the entire calendar year following the commissioners' determination that the fund is adequately funded.