House File 705 - Introduced
HOUSE FILE
BY QUIRK
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act phasing out the tax on gross premiums of life and health
2 insurance companies, mutual health service corporations, and
3 health maintenance organizations.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
5 TLSB 2724HH 82
6 mg/gg/14
PAG LIN
1 1 Section 1. Section 432.1, subsection 2, paragraph e, Code
1 2 2007, is amended to read as follows:
1 3 e. For the 2006 and subsequent 2007 calendar years, one
1 4 percent.
1 5 Sec. 2. Section 432.1, subsection 2, Code 2007, is amended
1 6 by adding the following new paragraphs:
1 7 NEW PARAGRAPH. f. For the 2008 calendar year,
1 8 three=fourths of one percent.
1 9 NEW PARAGRAPH. g. For the 2009 calendar year, one=half of
1 10 one percent.
1 11 NEW PARAGRAPH. h. For the 2010 calendar year, one=fourth
1 12 of one percent.
1 13 NEW PARAGRAPH. i. For the 2011 and subsequent calendar
1 14 years, zero percent.
1 15 EXPLANATION
1 16 Under present law the tax rate on gross premiums of life
1 17 and health insurance companies, mutual health service
1 18 corporations, and health maintenance organizations is 1
1 19 percent. This bill reduces the rate beginning with the 2008
1 20 calendar year by one=fourth of 1 percent per calendar year
1 21 until the tax is eliminated for the 2011 calendar year and
1 22 subsequent calendar years.
1 23 LSB 2724HH 82
1 24 mg:rj/gg/14