MS HB1730

Reduces the premium tax rate for certain insurance companies (Class 2, 3, and 4 companies and health maintenance organizations) from 3% to 2% through a phased 10-year schedule beginning in 2017

Tax rate decreases by 0.1% annually: 2.9% in 2017, declining each year until reaching 2.0% in 2026 and thereafter

Applies to both foreign and domestic insurance companies, including life, health, accident, industrial, fire, and casualty insurers

Maintains the standard 3% premium tax rate for insurance companies not classified as Class 2, 3, or 4 or as health maintenance organizations

Effective date of January 1, 2016, with provisions preserving existing claims and assessments for taxes accrued before the effective date