HB 296/LM (BR 128) - A. Simpson
AN ACT relating to local insurance premium taxes and fees.
Amend KRS 91A.080 specifically authorize the levy of local insurance premium taxes; provide that counties may levy a tax only in the unincorporated areas of the county; allow different rates and fee structures for different lines of insurance; require that requests for a refund or credit of taxes overpaid be in writing and be filed within two years of the tax due date; require that any refunds received by an insurance company be passed on to the policyholders; require insurance premiums tax returns to be audited and any additional taxes assessed within two years from the statutory filing date except in the case of a fraudulent return or a failure to file; provide that if a county levies the tax only in the unincorporated portion of the county, that there shall be no offset of the city license fee against the county license fee.
HB 296 - AMENDMENTS
HCS/LM - Change from 2 to 5 years the length of time during which an insurance company may submit a refund or credit request; delete duplicative language relating to refunds for lives or risks outside the taxing jurisdiction; clarify that refund requests shall be in writing and submitted to the local government as prescribed; delete language which would require refunds or credits to be shown on subsequent billing statements, delete language which related to the auditing of returns and the additional assessment of an insurance company within 2 years for inaccurate returns, and make technical corrections.
Jan 10-introduced in House
Jan 11-to Local Government (H)
Jan 13-posted in committee
Feb 28-reported favorably, 1st reading, to Calendar with Committee Substitute
Mar 1-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Thursday, March 2, 2006
Mar 9-3rd reading, passed 93-1 with Committee Substitute
Mar 10-received in Senate
Mar 14-to Appropriations and Revenue (S)