Tennessee: County Mutual Tax Correction Moving

Two bills introduced to restore the tax "offset" previously available to county mutuals for certain investments within the state have seen some movement in the Tennessee Statehouse. Senate 2082 has passed, while House 1856 has been placed "behind the budget" in the House.

The two bills were introduced in mid-February to correct a problem with county mutual taxation that was created inadvertently when last year's bill to rewrite Tennessee's county mutual statue passed.

NAMIC Southeast State Affairs Manager Liz Reynolds has been working with House sponsor Rep. John Litz to ensure the appropriate parties understand the bill has no fiscal impact and should be released from its budget attachment.

Direct questions to NAMIC State Affairs Manager Liz Reynolds.

Posted: Tuesday, April 10, 2007 12:00:00 AM. Modified: Tuesday, April 24, 2007 9:11:54 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.