premium tax News

Washington Official Wants to Raise Insurance Tax to Help Fight Wildfires

With an increasing number of forest fires scorching portions of Washington each year, the Legislature is considering a proposal to create a fund dedicated to preventing and battling wildfires. In March, Commissioner of Public Lands Hilary Franz and state Senate …

Insurers Oppose Premium Tax to Fund Washington’s Wildfire Prevention

Lobbyists for the property/casualty insurance industry are trying to prevent a $125 million jump in the state of Washington’s insurance premium tax that would fund wildfire prevention and suppression. The tax would affect home, auto and business insurance in an …

Arizona House Passes Accelerated Insurance Company Tax Cut

The Republican-controlled Arizona House has passed a bill accelerating the phase-in of insurance company tax cuts they passed last year. House Bill 2002 is sponsored by House Republican Majority Whip David Livingston. He also sponsored the bill signed by Gov. …

UK Chancellor of Exchequer Angers Insurers by Raising Premium Tax

UK Chancellor of the Exchequer George Osborne angered Britain’s insurance industry by unexpectedly increasing a tax on policy holders that is expected to raise an extra 1.8 billion pounds ($2.8 billion). The insurance premium tax will be increased to 9.5 …

Oklahoma Legislator Criticizes Insurer Premium Tax Credits

The head of a state House committee that’s scrutinizing millions of dollars in business tax credits is questioning the growth in credits used by insurance companies and whether the state should be reimbursing counties and schools for tax revenue lost …

Oklahoma House Approves Firefighter Pension Reforms

A measure approved by the Oklahoma House of Representatives would stabilize the state’s firefighter pension system by, among other things, increasing the percentage of insurance premium tax allocated to the system. The House voted 93-1 in favor of House Bill …

Arkansas’ Revenues Rise Above Forecast; Insurance Dept. Funds Help

A state finance report shows that Arkansas brought in more money than expected during the 2011 fiscal year. The report, released by the Arkansas Department of Finance and Administration, show that the state’s net available general revenues totaled more than …