WASHINGTON–Legislation aimed at easing the tax burden on small property-casualty insurers was introduced in the Senate today by Sen. Christopher “Kit” Bond, R-Mo., and Sen. Blanche Lincoln, D-Ark.
The bill, known as S. 2040, would raise the limits on the income election threshold for small insurers. Such companies under this threshold level can choose to be taxed only on their investment income, not premiums.
Under the measure the threshold for small insurers would increase from $1.2 million to $1.971 million, with a provision for the threshold to increase with inflation in future years.
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