ID S1168

Amends Idaho Code Section 72-523 to change the permanent premium tax rate from 2.5% to 2% effective January 1, 2016 for surtaxes and self-insurers writing worker's compensation insurance.

Eliminates the temporary reduced rate of 2% that was set to expire December 31, 2015, making the 2% rate permanent.

Maintains the 50% deduction allowed to insurers for premium taxes paid into the industrial administration fund when calculating taxes owed to the department of insurance.

Requires semiannual payments by the state insurance fund, authorized self-insurers, and surtaxes within 30 days after February 1 and July 1 each year, with a minimum payment of $75.00.