Georgia House of Representatives - 1995/1996 Sessions

HB 1009 - Life insurance; premium tax reduction

Page Numbers - 1

Code Sections - 33-8-5.1

1. Williams  114th        2. Heard  89th             3. Hugley  133rd
4. Culbreth  132nd        5. Harbin  113th


House Comm: Ins        /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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               House          Action         Senate                                                 
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              3/9/95   Read 1st Time                                                                
              3/10/95  Read 2nd Time                                                                
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Code Sections amended: 33-8-5.1                                                                     


HB 1009                                           LC 15 4167






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Chapter 8 of Title 33 of the Official Code of
  1- 2  Georgia Annotated, relating to fees and taxes relative to
  1- 3  insurance, so as to provide for the abatement or reduction
  1- 4  of state premium taxes on gross direct premiums which are
  1- 5  received by an insurer domiciled in this state for the sale
  1- 6  of certain life insurance policies or are attributed to
  1- 7  transactions with a purchaser in this state where the
  1- 8  minimum premium exceeds a certain amount; to repeal
  1- 9  conflicting laws; and for other purposes.

  1-10       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1-11  Chapter 8 of Title 33 of the Official Code of Georgia
  1-12  Annotated, relating to fees and taxes relative to insurance,
  1-13  is amended by adding immediately following Code Section
  1-14  33-8-5, relating to the abatement or reduction of tax on
  1-15  premiums, a new Code Section 33-8-5.1 to read as follows:

  1-16    "33-8-5.1. (Index)

  1-17    In addition to the provisions for abatement or reduction
  1-18    of premium taxes provided in Code Section 33-8-5, any
  1-19    premium taxes due pursuant to Code Section 33-8-4 may be
  1-20    abated or reduced to one-half of 1 percent of the gross
  1-21    direct premiums which are received by an insurer domiciled
  1-22    in this state for the sale of policies of life insurance
  1-23    pursuant to paragraphs (4) and (5) of subsection (a) of
  1-24    Code Section 33-24-6 or which are attributed to
  1-25    transactions with a purchaser in this state where the
  1-26    minimum annual premium exceeds $5 million."

                         SECTION 2.

  1-27  All laws and parts of laws in conflict with this Act are
  1-28  repealed.






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