S-4014.1          _______________________________________________

                            SUBSTITUTE SENATE BILL 6039

                  _______________________________________________

State of Washington              52nd Legislature             1992 Regular Session

By Senate Committee on Financial Institutions & Insurance (originally sponsored by Senators West and Johnson)

Read first time 02/07/92.Excepting until July 1, 1994, from the insurance premium tax certain health insurance offered to employers of fewer than twenty-five employees.

     AN ACT Relating to the premium tax on basic health insurance offered to certain employers; and amending RCW 48.14.022.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

     Sec. 1.  RCW 48.14.022 and 1987 c 431 s 23 are each amended to read as follows:

     (1) The taxes imposed in RCW 48.14.020 do not apply to premiums collected or received for policies of insurance issued under RCW 48.41.010 through 48.41.210.

     (2) Until July 1, 1994, the taxes imposed in RCW 48.14.020 do not apply to premiums collected or received for policies of insurance issued under RCW 48.21.045.

(3) In computing tax due under RCW 48.14.020, there may be deducted from taxable premiums the amount of any assessment against the taxpayer under RCW 48.41.010 through 48.41.210.  Any portion of the deduction allowed in this section which cannot be deducted in a tax year without reducing taxable premiums below zero may be carried forward and deducted in successive years until the deduction is exhausted.