Category Archives: Insurance Premiums (HRS 431:7-202)

HB 1522

SUBJECT:  INCOME, FRANCHISE, INSURANCE PREMIUM, Diversified Farming Business Investment Tax Credit

BILL NUMBER:  HB 1522

INTRODUCED BY:  MCKELVEY, MORIKAWA, SAN BUENAVENTURA, TODD, WARD

EXECUTIVE SUMMARY:  Enacts a new income tax credit to encourage investment in sustainable agriculture.  A direct appropriation would be preferable as it would provide some accountability for the taxpayer funds being utilized to support this effort.  Meaning, we as taxpayers know what we’re getting and we know how much we’re paying for it.

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SB 2547, CD-1

 

SUBJECT: GENERAL EXCISE, USE, PUBLIC SERVICE COMPANY, INSURANCE PREMIUM, Periodic Review of Exemptions, Deductions, and Credits

BILL NUMBER:  SB 2547, CD-1

INTRODUCED BY:  Conference Committee

EXECUTIVE SUMMARY:  This bill would require the State Auditor to periodically review the myriad exemptions, deductions, and other tax benefits now provided under chapters 237, 238, and 239, as well as some miscellaneous provisions.

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SB 2854, HD-1

SUBJECT:  INSURANCE, Require Electronic Filing and Payment for Premium Taxes

BILL NUMBER:  SB 2854, HD-1

INTRODUCED BY:  House Committee on Consumer Protection & Commerce

EXECUTIVE SUMMARY:  Sections 3 and 4 of the bill require e-filing and e-payment of premium tax returns.  The bill as it now exists sets a liability threshold which the Insurance Commissioner thinks is not necessary.  It also dissociates filing and payment, which decreases administrative efficiency.

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SB 2854, SD-2

SUBJECT:  INSURANCE, Require Electronic Filing and Payment for Premium Taxes

BILL NUMBER:  SB 2854, SD-2

INTRODUCED BY:  Senate Committee on Ways and Means

EXECUTIVE SUMMARY:  Sections 3 and 4 of the bill require e-filing and e-payment of premium tax returns.  Consideration might be given to setting liability thresholds at which the filing and/or payment requirements are triggered.

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SB 2854, SD-1

SUBJECT:  INSURANCE, Require Electronic Filing and Payment for Premium Taxes

BILL NUMBER:  SB 2854, SD-1

INTRODUCED BY:  Senate Committee on Commerce, Consumer Protection, and Health

EXECUTIVE SUMMARY:  Sections 3 and 4 of the bill require e-filing and e-payment of premium tax returns.  Consideration might be given to setting liability thresholds at which the filing and/or payment requirements are triggered.

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SB 2547

SUBJECT: GENERAL EXCISE, USE, PUBLIC SERVICE COMPANY, INSURANCE PREMIUM, Periodic Review of Exemptions, Deductions, and Credits, Surcharge on Beneficiaries of Tax Benefits

BILL NUMBER:  SB 2547

INTRODUCED BY: TOKUDA, BAKER, DELA CRUZ, ENGLISH, GALUTERIA, INOUYE, KEITH-AGARAN, KIDANI, NISHIHARA, SHIMABUKURO

EXECUTIVE SUMMARY:  This bill would require the State Auditor to periodically review the myriad exemptions, deductions, and other tax benefits now provided under chapters 237, 238, and 239.  The cost of the review would be recovered by a surcharge on those who now take the exemptions.  This type of review, however, should already be within the purview of the Tax Review Commission that is provided for in our constitution and is supposed to be appointed this year (given that it wasn’t appointed last year when it was supposed to happen).  In addition, the surcharge would be unfair to the recipients of income that is exempt by design of the tax system.

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SB 724; HB 725 (Identical)

SUBJECT: INSURANCE PREMIUMS, Additional tax mutual benefit society or health maintenance organization

INTRODUCED BY: SB by Baker; HB by McKelvey, Belatti, Evans, Morikawa and 3 Democrats

BRIEF SUMMARY: Amends HRS section 431:7-202 to provide that effective July 1, 2015, to June 30, 2017, a mutual benefit society or health maintenance organization that offers a health care insurance plan shall be subject to a gross premiums tax of 4.265% if they file for a rate increase between January 1, 2015 and June 30, 2017. If they don’t file for a rate increase, then they would not be liable for the tax. Continue reading SB 724; HB 725 (Identical)