Minnesota Legislature
HF 44
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 01/06/2005 |
Current Version - as introduced
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A bill for an act
relating to taxation; insurance premiums; reducing the
rate on life insurance; amending Minnesota Statutes
2004, section 297I.05, subdivision 4, by adding a
subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2004, section 297I.05,
subdivision 4, is amended to read:
Subd. 4.
Mutual property and casualty companies with
total assets less than $1,600,000,000 on december 31, 1989.
A
tax is imposed on mutual property and casualty companies that
had total assets greater than $5,000,000 at the end of the
calendar year but that had total assets less than $1,600,000,000
on December 31, 1989. The rate of tax is equal to:
(1) deleted text begintwo percent of gross premiums less return premiums on
all direct business received by the insurer or agents of the
insurer in Minnesota deleted text endnew text beginthe tax under subdivision 14 new text endfor life
insurancedeleted text begin, in cash or otherwise, during the yeardeleted text end; and
(2) 1.26 percent of gross premiums less return premiums on
all other direct business received by the insurer or agents of
the insurer in Minnesota, in cash or otherwise, during the year.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for premiums
received after June 30, 2005.
new text end
Sec. 2.
Minnesota Statutes 2004, section 297I.05, is
amended by adding a subdivision to read:
new text begin Subd. 14.new text end
new text beginLife insurance.new text end
new text beginA tax is imposed on life
insurance. The rate of tax equals 1.5 percent of gross premiums
less return premiums on all direct business received by the
insurer or agents of the insurer in Minnesota for life
insurance, in cash or otherwise, during the year.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for premiums
received after June 30, 2005.
new text end