HF 2164

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to life insurance taxation; exempting certain group term contracts from
the premiums tax; amending Minnesota Statutes 2006, section 297I.15, by
adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2006, section 297I.15, is amended by adding a
subdivision to read:

new text begin Subd. 11. new text end

new text begin Premiums paid to certain foreign insurance companies. new text end

new text begin With respect
to the state employees group insurance program established under sections 43A.23 to
43A.31, premiums paid for life insurance and accidental death and dismemberment
insurance for eligible employees and dependents, including premiums paid by employees
or dependents for optional coverage, are exempt from the taxes imposed under this chapter
to the extent the premiums are paid to a foreign insurance company domiciled in a state
that exempts its state employee group life insurance program from premium taxes.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for premiums paid after December
31, 2006.
new text end