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