Annuity premium tax. |
09LSO-0458.L1 |
FISCAL NOTE
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FY 2010 |
FY 2011 |
FY 2012 |
NON-ADMINISTRATIVE IMPACT |
|
|
|
Anticipated Revenue Decrease: |
|
|
|
GENERAL FUND |
$750,000 |
$750,000 |
$750,000 |
Source of Revenue Decrease:
The bill proposes to eliminate the premium taxes collected on consideration for annuity contracts issued in Wyoming. The current tax rate is 1%. Based on a sampling of 90% of the premium volume for consideration for annuity contracts issued in Wyoming in 2007, the reduction in revenues from elimination of this premium tax is approximately $750,000 per year.
Assumptions:
The amount of the estimated revenue may vary as the sales of annuity contracts are affected by the market place. The most current financial information available is for reporting year 2007.
Prepared by: Stephanie Bryant McGee, Insurance Dept.
Phone: (307)777-6896