• VOTE MAINTAINED

    Vote Maintained to close a tax loophole for insurance companies

  • 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.

    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.

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