HB 293, 2009 Regular Session

Apr 28, 2009      Louisiana State Legislature

HLS 09RS-597 ORIGINAL

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CODING: Words in struck through type are deletions from existing law; words underscored are additions.

Regular Session, 2009

HOUSE BILL NO. 293

BY REPRESENTATIVE CONNICK

TAX/STATE: Exempts from the state tax on surplus lines insurance the purchase of such insurance by a state agency for coverage of a state asset

AN ACT1

To enact R.S. 22:439(E), relative to the state tax on surplus lines insurance; to exempt state agencies acquiring insurance for state assets from payment of the tax; and to provide for related matters.4

Be it enacted by the Legislature of Louisiana:5

Section 1. R.S. 22:439(E) is hereby enacted to read as follows: 6

§439. Tax on surplus lines7

* * *8

E. The tax imposed on surplus lines under this Section shall not apply to the purchase of excess insurance by a state agency for coverage of a state asset.
Section 2. This Act shall become effective upon signature by the governor or, if not signed by the governor, upon expiration of the time for bills to become law without signature by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If vetoed by the governor and subsequently approved by the legislature, this Act shall become effective on the day following such approval.15

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HLS 09RS-597

ORIGINAL

HB NO. 293

Page 2 of 2

CODING: Words in struck through type are deletions from existing law; words underscored are additions.

DIGEST

The digest printed below was prepared by House Legislative Services. It constitutes no part of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]

Connick HB No. 293

Abstract:

Exempts the purchase of excess insurance by a state agency for coverage of a state asset from payment of the state tax on surplus lines.

Present law imposes a tax of 5% of the gross premium amount on the purchase of surplus lines insurance.

Present law exempts the purchase of excess insurance by interlocal risk management agencies from payment of the tax.

Proposed law adds an exemption from payment of the tax for the purchase of excess insurance by a state agency for coverage of a state asset.

Effective upon signature of governor or lapse of time for gubernatorial action.

(Adds R.S. 22:439(E))

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