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MT SB60
Bill
AI Summary
- Removes the $100,000 annual tax cap for protected cell captive insurance companies and special purpose captive insurance companies with a series of members in a limited liability company
- Maintains the $100,000 annual maximum aggregate tax for standard captive insurance companies
- Direct premium tax rates remain at 0.4% on the first $20 million and 0.3% on amounts above $20 million
- Reinsurance premium tax rates remain tiered at 0.225% on first $20 million, 0.150% on next $20 million, and 0.050% thereafter
- Applies to tax years beginning after December 31, 2025
Legislative Description
Revise insurance premium taxes for certain captive insurers
Revenue, State
Last Action
Chapter Number Assigned
5/13/2025
Committee Referrals
Appropriations3/25/2025
Business & Labor2/17/2025
Finance and Claims2/7/2025
Business, Labor and Economic Affairs1/14/2025
Full Bill Text
No bill text available