SENATE BILL REPORT

                            SB 5196

                    AS OF FEBRUARY 1, 1993

Brief Description:  Increasing taxes on insurance premiums.

SPONSORS: Senator Moore

SENATE COMMITTEE ON LABOR & COMMERCE

Staff:  Blaine Gibson (786‑7457)

Hearing Dates: February 3, 1993

BACKGROUND:

Currently, insurance companies authorized to transact business within Washington are required to pay a tax in the amount of 2 percent of insurance premiums collected and retained by the insurer.

SUMMARY:

The premium tax on insurance companies is increased to 2.3 percent.

Appropriation:  none

Revenue:  yes

Fiscal Note:  available