SSB 3002

Where it is now

1. ✓
   Done: IntroducedJanuary 9, 2024
2. ✓
   Done: SubcommitteeJanuary 9, 2024
3. ✓
   Done: Senate committeeFebruary 22, 2024
4. –
   Skipped: Passes the SenateContinued as SF 2397
5. Next: House committee
6. Next: Passes the House
7. Next: To the Governor
8. Next: Signed into law

Became SF 2397 → Its progress continues under the new number. Go to SF 2397 What’s a funnel?

What’s in it

This bill relates to the calculation of the amount of reinsurance tax (tax) due from a captive company. _____ reinsurance premiums collected after the first $40 million of assumed reinsurance premiums from percent on each dollar to forty-five thousandths of percent. The bill creates a new tier of reinsurance tax due on each dollar of assumed reinsurance premiums after the first $60 million of assumed reinsurance premiums in the amount of twenty thousandths of percent of each dollar. The bill takes effect upon enactment.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text · What changed before it passed

Senate subcommittee

Named January 11, 2024. On January 23, 2024 it recommended amendment and passage. [].

• Sen. Mike Bousselot REmail
• Sen. Janet Petersen DEmail
• Sen. David D. Rowley REmail

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Fiscal note

0 million annually. 1% reduction. 6% reduction. There are not currently any reinsurance premium taxes collected on captive insurance companies; therefore, the fiscal impact to the State cannot be determined.

• Final Fiscal Note — Captive Insurance Companies, Reinsurance Tax · May 8, 2024
• Captive Insurance Companies, Reinsurance Tax · March 4, 2024
• Captive Insurance Companies, Reinsurance Tax · February 29, 2024
• Captive Insurance Companies, Reinsurance Tax · February 28, 2024

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note

Iowa Code it changes

Amends§432.1A

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works

Family tree

Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.

Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.