Kansas SB32 reduces insurance company premium tax rates and discontinues remittance of a portion of the premium tax to the insurance department.
Kansas SB32 amends the tax rates for insurance companies and fraternal benefit societies. It reduces the tax rate from 2% for tax year 2025 to 1.98% for tax year 2026 and all subsequent years. The bill also discontinues the remittance and crediting of a portion of the premium tax to the insurance department service regulation fund, effective January 1, 2026. Instead, all fees and 1% of taxes collected will be remitted to the state treasurer and deposited in the state treasury.
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