LD 290 LR 901(02)
An Act To Phase Out the Insurance Premium Tax on Annuities
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2017-18 FY 2018-19 Projections  FY 2019-20 Projections  FY 2020-21
Net Cost (Savings)
General Fund $1,031,000 $2,528,000 $4,103,000 $5,678,000
General Fund $33,000 $0 $0 $0
General Fund ($998,000) ($2,528,000) ($4,103,000) ($5,678,000)
Fiscal Detail and Notes
Phasing out the insurance premium tax over 4 years would result in a loss of General Fund revenue of $998,000 in fiscal year 2017-18 and $2,528,000 in fiscal year 2018-19.  The bill includes a one-time General Fund appropriation to the Department of Administrative and Financial Services of $33,000 in fiscal year 2017-18 to adjust the premium tax return to reflect updated rates for annuity premiums.