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VOTE MAINTAINED
Vote Maintained to close a tax loophole for insurance companies
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In the most recent legislative session, lawmakers passed Second Substitute Senate Bill 5315, which creates a 2% tax on certain insurance premiums. In effect, the law would close a tax loophole for corporations with their own insurance policies, known as captive insurers, so that all insurance companies pay premiums taxes. It is estimated to generate around $53 million over the next decade.
SB 5315 had bipartisan sponsorship and was passed nearly unanimously with only one vote of opposition between both houses. The legislation was requested by Democratic Washington Insurance Commissioner Mike Kreidler, who wants to make sure that all insurance companies pay their share of taxes.
Ensuring big corporations pay their share is an important step toward balancing our state's tax code. Vote “Maintained” on State Advisory Vote 38.Last updated: 2023-04-05In the most recent legislative session, lawmakers passed Second Substitute Senate Bill 5315, which creates a 2% tax on certain insurance premiums. In effect, the law would close a tax loophole for corporations with their own insurance policies, known as captive insurers, so that all insurance companies pay premiums taxes. It is estimated to generate around $53 million over the next decade.
SB 5315 had bipartisan sponsorship and was passed nearly unanimously with only one vote of opposition between both houses. The legislation was requested by Democratic Washington Insurance Commissioner Mike Kreidler, who wants to make sure that all insurance companies pay their share of taxes.
Ensuring big corporations pay their share is an important step toward balancing our state's tax code. Vote “Maintained” on State Advisory Vote 38.In the most recent legislative session, lawmakers passed Second Substitute Senate Bill 5315, which creates a 2% tax on certain insurance premiums. In effect, the law would close a tax loophole for corporations with their own insurance policies, known as captive insurers, so that all insurance companies pay premiums taxes. It is estimated to generate around $53 million over the next decade.
SB 5315 had bipartisan sponsorship and was passed nearly unanimously with only one vote of opposition between both houses. The legislation was requested by Democratic Washington Insurance Commissioner Mike Kreidler, who wants to make sure that all insurance companies pay their share of taxes.
Ensuring big corporations pay their share is an important step toward balancing our state's tax code. Vote “Maintained” on State Advisory Vote 38.State Advisory Vote No. 38
In the most recent legislative session, lawmakers passed Second Substitute Senate Bill 5315, which creates a 2% tax on certain insurance premiums. In effect, the law would close a tax loophole for corporations with their own insurance policies, known as captive insurers, so that all insurance companies pay premiums taxes. It is estimated to generate around $53 million over the next decade.
State Advisory Vote No. 36
This spring, lawmakers passed Engrossed Substitute House Bill 1477 to expand the state’s crisis response system to include a new hotline dealing exclusively with mental health emergencies.
Because of a Tim Eyman initiative, the Legislature is required to submit any bill it passes that closes tax loopholes or raises revenue to a nonbinding advisory vote. The Legislature had a historically productive 2021 session, resulting in several advisory votes appearing on the ballot. We hope the Legislature will change the law to remove these meaningless measures in the future.