HB 701/LM (BR 1845) - J. Clarke
AN ACT relating to local government insurance premium taxes and declaring an emergency.
Amend KRS 91A.080 relating to municipal insurance premium taxes to define insurance companies and designate the Kentucky League of Cities and the Kentucky Association of Counties as administrators and prescribe the procedures for their collection, remittance, reporting and penalties of these types of taxes, outlines the collection, remittance, reporting procedures and penalties for non-compliance for insurance companies, authorizes the Department of Insurance to promulgate administrative regulations regarding collection fees and reporting of information, prohibits fees and taxes on policies relating to worker's compensation, group health insurance for state employees and policies for public service companies which pay ad valorem taxes, permit insurance companies which remit taxes to credit city taxes and fees against those collected from the county, and require insurance companies to pay an annual fee to the administrator for administrative costs; and create a new section of KRS Chapter 91A to require insurance companies to file prescribed information with administrators regarding the 1998 tax year in order to start up the program; EMERGENCY.
Feb 24-introduced in House
Feb 25-to Cities (H)
Mar 10-posted in committee