LD 1720 Maine Senate · 131st Legislature (2023-2024)

An Act To Phase Out The Insurance Premium Tax On Annuities

This bill amends an existing law to phase out the insurance premium tax on annuities by adding a section for one-time funding. The amendment allocates $33,000 from the state's General Fund in the 2024-25 fiscal year to cover administrative costs for adjusting the tax rate. These funds are designated for the Department of Revenue Services to support the programming required to implement the tax phase-out.

Bill status died 4 of 5 stages cleared

Introduction

Apr 2023

Committee Review

Jun 2023

House Passage

Jun 2023

Senate Passage

Jun 2023

Governor

Introduced Apr 18, 2023 Last action Nov 20, 2024

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jun 16, 2023

Lower · Passed

PASSED TO BE ENACTED.

lower

Jun 15, 2023

Lower · Passed

Committee Amendment "A" (S-316) was READ and ADOPTED.

lower

Jun 15, 2023

Lower · Passed

On motion of Representative PERRY of Bangor, the Majority Ought to Pass as Amended Report was ACCEPTED.

lower

Jun 14, 2023

Legislature · Passed

Reported Out - OTP-AM/ONTP

legislature

Jun 14, 2023

Upper · Passed

Committee Amendment "A" (S-316) READ and ADOPTED

upper

Jun 14, 2023

Upper · Passed

On motion by Senator GROHOSKI of Hancock The Majority Ought to Pass As Amended Report ACCEPTED

upper

Apr 18, 2023

Committee

The Bill was REFERRED to the Committee on TAXATION.

lower

Apr 18, 2023

Upper · Passed

Committee on TAXATION suggested and ordered printed REFERENCE to the Committee on TAXATION Ordered sent down forthwith for concurrence

upper

1 primary · 2 co-sponsors