HB435 Alabama 2020 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2020
Title
Insurance premium tax credits, to expand the Alabama Insurance Offices Facilities Credit for certain activities, to expand who can be an affiliate, Sec. 27-4A-3 am'd.
Description
Under existing law, insurers licensed in Alabama are required to pay a tax based on the percentage of premiums received by the insurer for business transacted in Alabama. The insurance premium tax rate is reduced by credits for certain economic development activities pursued in this state
This bill would expand the Alabama Insurance Offices Facilities Credit for certain activities and expand the definition of "affiliate" to include licensed producers appointed by an insurer
To amend Section 27-4A-3, Code of Alabama 1975, relating to the insurance premium tax credits.
Subjects
Insurance Premium Tax
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 10, 2020 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB435 Alabama 2020 Session - Introduced |