SB4174 - Tennessee - Insurance Companies, Agents, Brokers, Policies, Insurance, Fire And Casualty, Taxes, Taxes, Excise, Taxes, Franchise

Companion Bill HB4159. Taxes - Clarifies that insurance companies are exempt from franchise and excise tax; revises provision regarding credit against excise tax for certain insurance companies. - Amends TCA Title 56 and Title 67. Fiscal Summary for SB4174 / *HB4159 MINIMAL Bill Summary for SB4174 / *HB4159 Present law generally imposes a gross premiums tax on insurance companies writing life, fire, marine, fidelity, surety, casualty, liability, or other forms of insurance. Under TCA Section 56-4-217, the amount of the premium taxes collected under present law is a single credit against the sum total of the taxes imposed by the Franchise Tax Law and by the Excise Tax Law. Present law provides: (1) To the extent any franchise or excise tax liability remains after application of the credit, such tax liability will be [...]

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