NAIFA Washington members - CALL TO ACTION
Please read the information below and CALL the offices of the listed legislators to ask them to: "adopt an amendment to the JLARC report on tax preferences which would maintain the current tax treatment of insurance producers!"
The Joint Legislative Audit & Review Committee (JLARC) agenda includes a proposed final report to JLARC from JLARC staff. We expect that this report will be to adopt the Citizens' Commission on Tax Preference's report on what tax "preferences" should be retained or eliminated. The Commission recommended that the legislature increase the B&O tax rate for insurance producer commissions from 0.484% to the professional services B&O tax rate of 1.80% (professional services rate including the rate surcharge) unless the legislature had a compelling reason to maintain the rate.
NAIFA Washington members - PLEASE ACT NOW
If you live in one of these three districts contact them right away and make our voice heard. Remember, to our industry, the B&O tax is like an income tax because we cannot pass that on to the consumer as most other business owners can.
- Sen. Nick Harper (38th District, Everett)
- Rep. Derek Stanford (1st District, Bothell)
- Rep. Kathy Haigh (35th District, Shelton)
- State Senators: Randi Becker (2nd), Nick Harper (38th), Mike Hewitt (16th), Jeanne Kohl-Welles (36th), Sharon Nelson (34th), Janéa Holmquist Newbry (13th), Linda Evans Parlette (12th)
- State Representatives: Gary Alexander (2nd), Cathy Dahlquist (31st), Kathy Haigh (35th), Ed Orcutt (20th), Derek Stanford (1st), Hans Zeiger (25th)
There will be no public testimony at this hearing, but I wanted to assure you that we are actively working on JLARC members to adopt an amendment to the report which would maintain the current tax treatment of insurance producers. Keep in mind that this is not a bill. This report is only a recommendation from JLARC that may be made to the full legislature. However, we want to ensure the recommendation does NOT propose any changes to the current tax treatment for industries with regulated pricing, like ours. The B&O tax rates will remain the same unless a bill is introduced to change them. That hasn't happened yet, but we will keep you fully apprised of all developments.
Post a Comment