00                  SPONSOR SUBSTITUTE FOR SENATE BILL NO. 15                                                              
01 "An Act relating to the tax on policy year premiums for life insurance policies."                                       
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 21.09.210(m) is amended to read:                                                                   
04            (m)  The tax imposed under this section for an individual life insurance policy                              
05       shall be computed at the rate of                                                                                  
06                 (1)  2.7 percent of policy year premium up to $100,000; and                                             
07                 (2)  0.08 [ONE-TENTH OF ONE] percent of policy year premium                                         
08       exceeding $100,000.                                                                                               
09    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
10 read:                                                                                                                   
11       APPLICABILITY. AS 21.09.210(m), as amended by sec. 1 of this Act, applies to                                      
12 policy year premiums for a calendar year that begins after December 31, 2015.