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1997 SESSION

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HB 1792 Flood Prevention and Protection Assistance Fund assessment.

Introduced by: William J. Howell | all patrons    ...    notes | add to my profiles

SUMMARY:

Flood Prevention and Protection Assistance Fund assessment. Repeals the requirement that insurance companies writing flood insurance pay a tax of one percent of the total gross premium income for such insurance, with a minimum assessment of $100. The assessment, which was instituted in 1990, does not apply to premium income for policies written under the National Flood Insurance Act. This measure is a recommendation of the select committee examining Virginia's gross receipts tax imposed on insurance companies pursuant to HJR 202.


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