Connecticut Governor Dannel P. Malloy says his two-year state budget proposal will reduce taxes for Connecticut’s insurance industry.
The Democrat said Monday he wants to lower the tax rate that insurers pay on premiums from 1.75 percent to 1.5 percent. Malloy is scheduled to unveil his new budget on February 8.
A total of 49 states and Washington, D.C. have some form of a premium tax. Connecticut-based insurers pay the rate in the state where they are doing business or Connecticut’s rate, whichever is higher.
By lowering Connecticut’s rate to 1.5 percent, Malloy says the tax liability for Connecticut-based insurers conducting business in states with lower tax rates will be significantly reduced.
Malloy says restructuring and lowering Connecticut’s premium tax will help the insurance industry and save them millions in taxes.
Topics Market Connecticut
Was this article valuable?
Here are more articles you may enjoy.
Mapfre to Acquire Safety Insurance for $1.54 Billion in Cash Deal 
Zurich CEO Says Staff Let Go as Regulator Finma Imposes Partial Sales Ban 
Great American Escapes Coverage for Grocery’s Opioid Litigation Settlement 
Berry Producer Driscoll’s Sued Over Alleged Greenwashing, Use of Forever Chemicals 
