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House Study Bill 121 - IntroducedA Bill ForAn Act 1relating to the insurance premium tax rates on the gross
2amount of premiums received by an insurance company.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 432.1, subsections 2 and 4, Code 2023,
2are amended to read as follows:
32. The “applicable percent” for purposes of subsection 1 of
4this section and section 432.2 is the following:
5a. For calendar years beginning before the 2003 calendar
6year, two percent.
7b. For the 2003 calendar year, one and three-fourths
8percent.
9c. For the 2004 calendar year, one and one-half percent.
10d. For the 2005 calendar year, one and one-fourth percent.
11e. For the 2006 and subsequent calendar years year through
12the 2023 calendar year, one percent.
13f. For the 2024 and subsequent calendar years, nine-tenths
14of one percent.
154. The “applicable percent” for purposes of subsection 3 is
16the following:
17a. For calendar years beginning before the 2004 calendar
18year, two percent.
19b. For the 2004 calendar year, one and three-fourths
20percent.
21c. For the 2005 calendar year, one and one-half percent.
22d. For the 2006 calendar year, one and one-fourth percent.
23e. For the 2007 and subsequent calendar years year through
24the 2023 calendar year, one percent.
25f. For the 2024 and subsequent calendar years, nine-tenths
26of one percent.
27EXPLANATION
28The inclusion of this explanation does not constitute agreement with
29the explanation’s substance by the members of the general assembly.
30This bill relates to the insurance premium tax rates on the
31gross amount of premiums received by an insurance company.
32The bill reduces the insurance premium tax on the gross
33amount of premiums received by an insurance company from 1 to
34.90 percent for the 2024 calendar year and subsequent calendar
35years.
-1-jm/jh
2amount of premiums received by an insurance company.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 432.1, subsections 2 and 4, Code 2023,
2are amended to read as follows:
32. The “applicable percent” for purposes of subsection 1 of
4this section and section 432.2 is the following:
5a. For calendar years beginning before the 2003 calendar
6year, two percent.
7b. For the 2003 calendar year, one and three-fourths
8percent.
9c. For the 2004 calendar year, one and one-half percent.
10d. For the 2005 calendar year, one and one-fourth percent.
11e. For the 2006 and subsequent calendar years year through
12the 2023 calendar year, one percent.
13f. For the 2024 and subsequent calendar years, nine-tenths
14of one percent.
154. The “applicable percent” for purposes of subsection 3 is
16the following:
17a. For calendar years beginning before the 2004 calendar
18year, two percent.
19b. For the 2004 calendar year, one and three-fourths
20percent.
21c. For the 2005 calendar year, one and one-half percent.
22d. For the 2006 calendar year, one and one-fourth percent.
23e. For the 2007 and subsequent calendar years year through
24the 2023 calendar year, one percent.
25f. For the 2024 and subsequent calendar years, nine-tenths
26of one percent.
27EXPLANATION
28The inclusion of this explanation does not constitute agreement with
29the explanation’s substance by the members of the general assembly.
30This bill relates to the insurance premium tax rates on the
31gross amount of premiums received by an insurance company.
32The bill reduces the insurance premium tax on the gross
33amount of premiums received by an insurance company from 1 to
34.90 percent for the 2024 calendar year and subsequent calendar
35years.
-1-jm/jh