Annuity premium tax.

WORKING DRAFT
2009
STATE OF
WYOMING
09LSO-0458

HOUSE BILL

NO.
HB0140

Annuity premium tax.

Sponsored by:
Representative(s) Gingery, Buchanan, Hammons, Miller, Pedersen and Quarberg and Senator(s) Bebout, Larson and Martin

A BILL

for

AN ACT relating to
annuity premium taxes; repealing the annuity premium tax; making conforming amendments;
and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.

W.S. 26
‑
4
‑
103(a)(intro), (i) and (b)(i)(intro) is amended to read:

26
‑
4
‑
103.

Premium taxes; generally; preemption by state.

(a)

Each authorized and formerly authorized insurer shall file with the commissioner on or before March 1 each year or within any extended period the commissioner grants not to exceed thirty (30) days, a report in a form the commissioner prescribes showing, except for wet marine and transportation insurance as defined in W.S. 26
‑
5
‑
107 and except as provided under subsection (k) of this section, total direct premium income including policy, membership and other fees, and all other considerations for insurance
and annuity
contracts, however designated, it received during the immediately preceding calendar year because of policies and contracts covering property, subjects or risks located, resident or to be performed in this state. The total direct premium income reported shall include proper proportionate allocation of premiums or consideration as to those persons, property, subjects or risks in this state insured or covered under policies or contracts covering persons, property, subjects or risks located or resident in more than one (1) state, and shall be computed after deducting:

(i)

The amount of return premiums on cancelled policies, but not including the return of cash surrender values on life policies
;

or annuity contracts;
and

(b)

At the same time the report is filed, each insurer shall pay for the privilege of transacting business in this state, a tax upon net premiums and net considerations to be computed at the following rates:

(i)

As to each insurer, the tax rate
, except as to annuity considerations,
shall be as follows:

Section 2.
W.S. 26
‑
4
‑
103(b)(iii) is repealed.

Section
3
.

This act is effective J
anuary
1, 20
10
.

(END)

1
HB0140