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