A bill that would impose a 2% captive premium tax on risks based in the state passed Washington’s Senate on Tuesday.
S.B. 5315, which passed on a 49-0 vote, would raise about $29 million in back taxes and generate more than $2 million in annual revenue going forward, according to a state official who testified at a hearing in January.
No action is scheduled yet in Washington’s House.
The bill, which is supported by several large captive owners in the state, follows four years of increased scrutiny of captives in Washington by the state’s Insurance Commissioner Mike Kreidler.
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March 11, 2021 at 01:30AM
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Captive tax bill passes Washington's Senate - Business Insurance
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