The scheduled Arizona insurance premium tax rate reductions for insurance other than fire, disability, and health care service plans are adjusted. The tax rates for premiums received in each calendar year after 2015 are changed as follows:
— 2016: from 1.99% to 1.95%
— 2017: from 1.98% to 1.90%
— 2018: from 1.95% to 1.85%
— 2019: from 1.92% to 1.80%
— 2020: from 1.89% to 1.75%
— after 2020: from 1.86% to 1.70%
For purposes of the tax imposed on fire insurance premiums, references to commercial multiple peril lines and multiple peril lines are clarified to mean commercial multiple peril nonliability lines and farm owners’ multiple peril lines, respectively.
Also, the requirement that the director of the Department of Insurance submit an annual report to the directors of the Joint Legislative Budget Committee and the Governor’s Office of Strategic Planning and Budgeting on the credit for overpayment of tax is eliminated.
H.B. 2002, Laws 2016, effective August 6, 2016