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NY S07561
Bill
Status
Introduced
6/4/2012
Primary Sponsor
Roy McDonald
Click for details
AI Summary
- Adds new section 7013 to the insurance law establishing tax treatment for captive insurance companies licensed and operating in New York on or after the effective date and ceasing operations by December 31, 2011
- Requires captive insurance companies (excluding overcapitalized captive insurers) to be treated as admitted licensed insurers for tax purposes
- Allows all premiums paid to qualifying captive insurance companies to be fully deductible by affiliated entities subject to article 9-A taxation
- Requires the Superintendent of Financial Services to certify to the Commissioner of Taxation and Finance that each captive insurer was properly licensed, paid assessments, examination fees, and all premium and franchise taxes
- Takes effect immediately upon enactment
Legislative Description
Relates to obligations for certain taxes by captive insurance companies.
Last Action
RECOMMITTED TO RULES
6/21/2012
Committee Referrals
Rules6/20/2012
Insurance6/4/2012
Full Bill Text
No bill text available