Bill Text: WV HB3058 | 2017 | Regular Session | Introduced
Bill Title: Raising the insurance premium tax for two years
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-03-14 - To House Banking and Insurance [HB3058 Detail]
Download: West_Virginia-2017-HB3058-Introduced.html
WEST virginia legislature
2017 regular session
Introduced
House Bill 3058
By Delegate Rowe
[Introduced March 14, 2017;
Referred
to the Committee on Banking and Insurance then Finance.]
A BILL to amend and reenact §33-3-14a of the Code of West Virginia,1931, as amended, relating to raising the insurance premium tax for two years.
Be it enacted by the Legislature of West Virginia:
That §33-3-14a of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 3. LICENSING, FEES AND TAXATION OF INSURERS.
§33-3-14a. Additional premium tax.
For the purpose of
providing additional revenue for the State General Revenue Fund, there is
hereby levied and imposed, in addition to the taxes imposed by section fourteen
of this article, an additional premium tax equal to one one and one-half
percent of taxable premiums. Except as otherwise provided in this section, all
provisions of this article relating to the levy, imposition and collection of
the regular premium tax shall be applicable to the levy, imposition and
collection of the additional tax. All moneys received from the additional tax
imposed by this section, less deductions allowed by this article for refunds
and for costs of administration, shall be received by the commissioner and
shall be paid by him or her into the State Treasury for the benefit of the
state fund: Provided, That each year, the first $833,000 of the portion
of taxes received by the commissioner from insurance policies for medical
liability insurance as defined in section three, article twenty-f of this
chapter and from any insurer on its medical malpractice line, shall be
temporarily dedicated to replenishing moneys appropriated from the tobacco
settlement account pursuant to subsection (c), section two, article eleven-a of
chapter four of this code. Upon determination by the commissioner that these
moneys have been fully replenished to the tobacco settlement account, the
commissioner shall resume depositing taxes received from medical malpractice
premiums as provided herein. The increase in the premium tax enacted during
the 2017 regular session of the Legislature shall be placed in the General Revenue
Fund and shall expire at the end of two years and the previous rate shall go
back into effect.
NOTE: The purpose of this bill is to increase the additional tax on insurance premiums by one-half percent for two years.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.