House
File
2636
-
Enrolled
House
File
2636
AN
ACT
RELATING
TO
THE
TAXATION
OF
CAPTIVE
COMPANIES,
AND
INCLUDING
EFFECTIVE
DATE
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
432.1A,
subsection
2,
paragraph
c,
Code
2024,
is
amended
to
read
as
follows:
c.
The
amount
of
reinsurance
tax
due
from
a
captive
company
under
paragraph
“a”
shall
be
calculated
as
follows:
(1)
Two-tenths
Two
hundred
thousandths
of
one
percent
on
the
first
twenty
million
dollars
of
assumed
reinsurance
premiums
written
.
(2)
One-eighth
One
hundred
twenty-five
thousandths
of
one
percent
on
the
twenty
million
dollars
of
assumed
reinsurance
premiums
collected
written
after
the
first
twenty
million
dollars
of
assumed
reinsurance
premiums
collected
written
under
subparagraph
(1).
(3)
Five
Forty-five
thousandths
of
one
percent
on
each
dollar
the
twenty
million
dollars
of
assumed
reinsurance
premiums
collected
written
after
the
twenty
million
dollars
collected
written
under
subparagraph
(1)
and
the
twenty
million
dollars
collected
written
under
subparagraph
(2).
(4)
Twenty
thousandths
of
one
percent
of
each
dollar
of
assumed
reinsurance
premiums
written
after
the
twenty
million
dollars
written
under
subparagraph
(1),
the
twenty
million
dollars
written
under
subparagraph
(2),
and
the
twenty
million
dollars
written
under
subparagraph
(3).
House
File
2636,
p.
2
Sec.
2.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
enactment.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
AMY
SINCLAIR
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
2636,
Ninetieth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2024
______________________________
KIM
REYNOLDS
Governor