2012 Senate Bill 985

Authorize $900 million state borrowing from insurance companies

Introduced in the Senate

Feb. 29, 2012

Introduced by Sen. Mike Kowall (R-15)

To grant a 10 percent tax break to insurance companies that “pre-pay” future years’ state business tax. This bill and Senate Bills 986 and 987 appear to authorize $900 million in state government borrowing from insurance companies, arranged in the form of a discounted corporate tax prepayment.

Referred to the Committee on Finance