Legislature(2015 - 2016)BELTZ 105 (TSBldg)
03/03/2015 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| SB39 | |
| SB15 | |
| SB47 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 39 | TELECONFERENCED | |
| += | SB 15 | TELECONFERENCED | |
| += | SB 47 | TELECONFERENCED | |
| + | TELECONFERENCED |
SB 15-LIFE INSURANCE POLICY PREMIUM TAX
1:50:18 PM
VICE CHAIR GIESSEL reconvened the hearing and announced the
consideration of SSSB 15. "An Act relating to the tax on policy
year premiums for life insurance policies."
1:50:52 PM
GERMAN BAQUERO, Intern, Senator John Coghill, sponsor of SB 15,
summarized that this legislation would reduce the tax applied to
life insurance premiums that exceed $100,000 from 0.10 percent
to 0.08 percent. This change applies to premiums that begin
after December 31, 2015. Responding to a question from the
Chair, he confirmed that the fiscal note is zero.
SENATOR STEVENS asked if the committee could expect to see him
again if South Dakota lowers its rate.
MR. BAQUERO replied he wasn't sure.
RYNNIEVA MOSS, Staff, Senator John Coghill, advised that it is a
policy call the sponsor would consider. She noted that his
office is working on several bills that will make Alaska more
attractive to the insurance industry.
SENATOR STEVENS asked if this change makes the tax rates equal
in Alaska and South Dakota.
MS. MOSS said yes; the hope is to regain lost life insurance
business and perhaps add some.
1:54:02 PM
VICE CHAIR GIESSEL found no public testimony and closed it.
1:54:25 PM
SENATOR MEYER moved to report SB 15 from committee with
individual recommendations and attached fiscal note(s).
VICE CHAIR GIESSEL announced that without objection SSSB 15,
labeled 29-LS0034\W, is reported from the Senate Labor and
Commerce Standing Committee.
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