Iowa Gov. Signs Premium Tax Reduction Bill

Iowa Gov. Tom Vilsack signed Senate File 2318, which will cut the premium tax for P/C insurers from 2 percent to 1 percent over a four-year period, beginning in 2004.

National Association of Independent Insurers (NAII) Counsel Ann Weber expressed appreciation for Vilsack’s action, which she said will make Iowa more competitive with other states that have lowered their premium taxes in recent years. By attracting more insurers into Iowa, the new law will benefit consumers, she added.