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The New Hampshire House of Representatives has passed legislation (HB 678) supported by insurers and agents to reduce the state premium tax from two percent to one percent for property-casualty and life insurers.
“This decrease in the premium tax would make New Hampshire a more attractive place for insurers to do business and generate economic growth for the state,” said Laura Kersey, AIA assistant vice president, northeast region, for the American Insurance Association.
The bill passed on a roll call vote of 183 to 85. The House in January approved the legislation and sent it to the Ways and Means Committee for further study. That Committee gave the bill a positive report back to the House floor last week.
“The bill now goes to the State Senate. AIA will continue to work to enact this important piece of legislation,” added Kersey.
Robert Nash, executive vice president for the Independent Insurance Agents of New Hampshire, which backs the tax cut as a move to attract insurers to the state, said the bill could face a tougher test in the Senate.