Under existing law, credits against insurance premium taxes are provided for private property insurance carriers who write homeowners insurance policies which include wind coverage in the counties of Alabama which are contiguous to the Gulf of Mexico and Mobile Bay, but only where at the time of the writing of the private policies the property was insured under the Alabama Insurance Underwriting Association, in an amount of 20 percent of the insurance premium tax otherwise due in Zone 4, and 35 percent of the insurance premium tax otherwise due in Zones 1, 2, and 3.
This bill would revise existing law to provide credits in an amount of 20 percent of the insurance premium tax otherwise due in Zones M4, M5, B4, and B5, and 35 percent of the insurance premium tax otherwise due in Zones M1, M2, M3, B1, B2, B3, and South ICWW.
Assigned Act No. 2014-420.
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1094
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 688
Hightower motion to Adopt adopted Roll Call 687
Hightower Amendment Offered
Hightower motion to Adopt adopted Roll Call 686
Finance and Taxation Education first Substitute Offered
Third Reading Passed
Read for the second time and placed on the calendar with 1 substitute and
Read for the first time and referred to the Senate committee on Finance and Taxation Education
Source: Alabama Legislature