Summary of the House Committee Version of the Bill

SB 280 -- TAXATION OF INSURANCE COMPANIES

SPONSOR:  Rupp (Yates)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Insurance Policy by a vote of 8 to 0.

Currently, insurance companies which pay an annual tax on gross
premium receipts are exempt from Missouri corporate income and
franchise taxes.  This bill specifies that insurance companies
which are subject to an annual tax on gross premium receipts are
exempt from Missouri corporate income and franchise taxes.

FISCAL NOTE:  No impact on state funds in FY 2010, FY 2011, and
FY 2012.

PROPONENTS:  Supporters say that the bill clarifies the language
in statute and prevents double taxation on companies.

Testifying for the bill were Senator Rupp; and Reinsurance Group
of America.

OPPONENTS:  There was no opposition voiced to the committee.

Copyright (c) Missouri House of Representatives


Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am