Text: HF00699 Text: HF00701 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 432.1, subsection 1, paragraph a, Code
1 2 2001, is amended to read as follows:
1 3 a. Two percent of the gross amount of premiums received
1 4 during the preceding calendar year by every life insurance
1 5 company or association, not including fraternal beneficiary
1 6 associations, or the gross payments or deposits collected from
1 7 holders of fraternal beneficiary association certificates, on
1 8 contracts of insurance covering risks resident in this state
1 9 during the preceding year, including contracts for group
1 10 insurance and annuities and without including or deducting any
1 11 amounts received or paid for reinsurance or received or paid
1 12 with respect to an exchange of insurance policies exempt from
1 13 taxation under section 1035 of the federal Internal Revenue
1 14 Code.
1 15 Sec. 2. APPLICABILITY. This Act applies to exchanges made
1 16 on or after the effective date of this Act.
1 17 EXPLANATION
1 18 This bill exempts from the state gross premiums tax any
1 19 amounts received or paid with respect to an exchange of
1 20 insurance policies which is exempt from taxation under the
1 21 federal Internal Revenue Code. The types of insurance
1 22 policies that may be exchanged are a life insurance contract
1 23 for another life insurance, an endowment, or annuity contract;
1 24 an endowment contract for another endowment or annuity
1 25 contract; and an annuity contract for another annuity
1 26 contract.
1 27 LSB 1223YH 79
1 28 mg/pj/5
Text: HF00699 Text: HF00701 Text: HF00700 - HF00799 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed May 9 09:40:40 CDT 2001
URL: /DOCS/GA/79GA/Legislation/HF/00700/HF00700/010323.html
jhf