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ID H0240
Bill
AI Summary
- Reduces premium tax rates for surtities and self-insurers from 2.5% to 2% for the period January 1, 2012, through December 31, 2013
- Maintains minimum premium tax payment of $75.00 for both surtities and self-insurers during the reduced-rate period
- Changes the insurance deduction formula from 1.350% of net premiums written to 50% of premium tax paid pursuant to the section
- Applies the deduction change to insurers paying into the industrial administration fund under either the standard or temporary reduced-rate provisions
- Defines net premiums written as gross direct premiums written less returned premiums and premiums on policies not taken, excluding dividends from calculation
Legislative Description
Amends existing law relating to the Industrial Commission to revise provisions relating to the deduction of a certain premium tax and to provide the commissioners of the Industrial Commission with the authority to waive a certain premium tax.
INDUSTRIAL COMMISSION
Last Action
Governor signed Session Law Chapter 267 Effective: 07/01/11
4/8/2011
Committee Referrals
Commerce and Human Resources3/10/2011
Full Bill Text
No bill text available