Arizona House Passes Accelerated Insurance Company Tax Cut

The Republican-controlled Arizona House has passed a bill accelerating the phase-in of insurance company tax cuts they passed last year.

House Bill 2002 is sponsored by House Republican Majority Whip David Livingston. He also sponsored the bill signed by Gov. Doug Ducey last year.

That tax cut will drop what insurance companies pay this next year by about $700,000 and increase the cut to $28 million over 10 years.

Livingston’s new bill cuts the time it takes for the full tax decrease to take effect in half and boosts the 10-year cost to $33 million.

Last week’s 35-22 party-line vote sends the bill to the Senate. Democrats complained that schools are too underfunded to hand out more tax cuts.

Insurers currently pay taxes on 2 percent of the premiums they collect