H.F. _____ Section 1. Section 432.1, subsections 2 and 4, Code 2023, 1 are amended to read as follows: 2 2. The “applicable percent” for purposes of subsection 1 of 3 this section and section 432.2 is the following: 4 a. For calendar years beginning before the 2003 calendar 5 year, two percent. 6 b. For the 2003 calendar year, one and three-fourths 7 percent. 8 c. For the 2004 calendar year, one and one-half percent. 9 d. For the 2005 calendar year, one and one-fourth percent. 10 e. For the 2006 and subsequent calendar years year through 11 the 2023 calendar year , one percent. 12 f. For the 2024 and subsequent calendar years, nine-tenths 13 of one percent. 14 4. The “applicable percent” for purposes of subsection 3 is 15 the following: 16 a. For calendar years beginning before the 2004 calendar 17 year, two percent. 18 b. For the 2004 calendar year, one and three-fourths 19 percent. 20 c. For the 2005 calendar year, one and one-half percent. 21 d. For the 2006 calendar year, one and one-fourth percent. 22 e. For the 2007 and subsequent calendar years year through 23 the 2023 calendar year , one percent. 24 f. For the 2024 and subsequent calendar years, nine-tenths 25 of one percent. 26 EXPLANATION 27 The inclusion of this explanation does not constitute agreement with 28 the explanation’s substance by the members of the general assembly. 29 This bill relates to the insurance premium tax rates on the 30 gross amount of premiums received by an insurance company. 31 The bill reduces the insurance premium tax on the gross 32 amount of premiums received by an insurance company from 1 to 33 .90 percent for the 2024 calendar year and subsequent calendar 34 years. 35 -1- LSB 1200YC (2) 90 jm/jh 1/ 1