Tennessee: County Mutual Tax Correction Passes House

The finish line is in sight for Tennessee House Bill 1856, which would restore the tax “offset” previously available to county mutuals for certain investments within the state.

On Thursday, language from SB 2082, the companion bill that had already passed the Senate, was substituted for HB 1856, and the bill passed the House on a unanimous vote. It now moves on to the governor for his signature.

House Bill 1856 was sponsored and shepherded through the House budget process by Democratic Rep. John Litz. SB 2082 was sponsored by Republican Sen. Bill Ketron. The legislation will help county mutuals continue their usual tax filing process without interruption and confusion.

Direct questions to NAMIC State Affairs Manager Liz Reynolds.

Posted: Tuesday, May 29, 2007 12:00:00 AM. Modified: Tuesday, May 29, 2007 12:36:13 PM.

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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.