S-4154               _______________________________________________

                                                   SENATE BILL NO. 6391

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By Senator McDonald

Read first time 1/19/88 and referred to Committee on Ways & Means.

AN ACT Relating to exemptions from the insurance premiums tax; and amending RCW 48.14.022.

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

        Sec. 1.  Section 23, chapter 431, Laws of 1987 and RCW 48.14.022 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 and chapter 41.05 RCW.

          (2) 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.