An Arizona House panel has voted to advance a bill accelerating phased-in insurance company tax cuts included in a law passed last year.
House Bill 2002 is sponsored by House Republican Majority Whip David Livingston. He also sponsored the bill signed into law by Gov. Doug Ducey last year.
That tax cut will drop what insurance companies pay this year by $1.3 million with the amount rising each year until it hits more than $35 million in 2026.
Livingston now wants the time it takes for the full tax cut to go into effect cut in half.
HB 2002 was approved by the House Insurance Committee Wednesday on a 5-2 vote.
Insurance companies currently pay 2 percent of the premiums they charge for property, casualty and life polices in taxes.
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