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Bill

LC 4443

Revise allocation of the insurance premium tax to fund property tax relief

2025 Regular Session

Redirects insurance premium tax receipts to fund property tax relief, reshaping allocations to help property taxpayers and creating new oversight for the funded relief program.

(LC) Draft Ready for Delivery
#appropriations(seealso:statefinance) #insurance #taxation(generally) #taxation--property
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Bill Summary · LC 4443

Bill Summary: LC 4443 – Revise allocation of the insurance premium tax to fund property tax relief

Bill Information

  • Bill Number: LC 4443
  • Title: Revise allocation of the insurance premium tax to fund property tax relief
  • Status: (LC) Draft Ready for Delivery
  • Introduced: March 18, 2025
  • Classification: bill
  • Subject: Appropriations, Insurance, Taxation (Generally), Taxation—Property

Purpose and intent

  • The bill aims to change how the insurance premium tax receipts are allocated in order to fund property tax relief. In plain terms, it seeks to redirect or reallocate state revenue from the insurance premium tax to support programs or mechanisms that reduce property tax burdens for taxpayers.

Key provisions (note: text not provided; description based on title)

  • Redefinition of how insurance premium tax receipts are distributed or directed within the state budget.
  • Establishment or designation of a funding stream (fund, account, or program) specifically labeled as property tax relief.
  • Possible adjustments to existing appropriations or to the statutory formula governing insurance premium tax allocations to accommodate the new distribution.
  • Administrative and reporting requirements to ensure proper use of the redirected funds (e.g., oversight, audits, or annual reporting on property tax relief impacts).
  • Provisions related to effective date, duration, or potential sunset/value checks (these details would appear in the enacted text).

Important: The exact mechanisms (e.g., percentage allocations, dollar amounts, eligibility criteria for relief, or specific relief programs) are not specified in the information provided. The bill text will contain those details.

Who would be affected

  • Property taxpayers: Potentially benefit from increased property tax relief funding.
  • Insurers and insurance premium payers: Subject to changes in how premium tax revenue is allocated, which could influence tax pass-through or regulatory considerations.
  • State and local government budget offices: Responsible for implementing the new allocation, budgeting, and reporting.
  • Tax and finance policymakers: Responsible for evaluating impacts, equity, and sustainability of the funding mechanism.

Fiscal and policy implications to watch

  • Likely impact on state revenue available from the insurance premium tax and how that affects overall appropriations.
  • Design of the property tax relief program (eligibility, duration, value, how relief is delivered—credits, direct reimbursements, or reduced levies).
  • Administrative costs and transparency requirements for the new funding stream.
  • Economic and equity considerations for homeowners, renters, and business property taxpayers.

Timeline and procedural status

  • Introduced: March 18, 2025
  • Legislative actions (as of provided data): Draft stages on March 20, 2025, including Legal Review, Edit, Input/Proofing, Final Drafter Review, Assembly, and readiness for delivery.
  • The bill has not yet been enacted; final terms and effective dates will depend on the text advanced through committees and floor votes.

Next steps for readers

  • Review the full bill text when released to see:
    • The exact allocation formula or mechanism
    • The specific property tax relief program design and eligibility
    • Any sunset provisions, reporting requirements, and oversight
    • Effective and implementation dates
  • Monitor committee hearings and legislative updates for amendments and vote outcomes.

Compiled from official sources — confirm details with the bill’s official record.

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