Iowa Premium Tax Reduction Becomes Law
NU Online News Service, May 10, 9:40 a.m. EST?A bill that will reduce Iowa's premium tax by 50 percent over the next five years was signed into law yesterday by Gov. Tom Vilsack.
"Iowa has one of the most attractive insurance marketplaces in the Midwest, and this change in the premium tax structure will make it even more so," said Deirdre K. Manna, AIA assistant vice-president, Midwest region.
The new law incrementally reduces the premium tax rate on insurers writing business in Iowa from two percent to one percent by the year 2007. The bill also accelerates the premium tax prepayment schedule.
Ms. Manna continued that, "With this bill, Iowa legislators and Gov. Vilsack have demonstrated their appreciation for a competitive market that gives Iowa consumers more choices when it comes time to shop for insurance."
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