Montana legislation · 2025 Regular Session
Montana SB60: Revise insurance premium taxes for certain captive insurers
Status: Signed into law, May 13, 2025
What the bill says
An act revising laws relating to the payment of taxes by certain captive insurers; revising laws relating to the payment of taxes by special purpose insurers; amending section 33-28-201, mca; and providing an applicability date.
From the engrossed text:
AN ACT REVISING LAWS RELATING TO THE PAYMENT OF TAXES BY CERTAIN CAPTIVE INSURERS; REVISING LAWS RELATING TO THE PAYMENT OF TAXES BY SPECIAL PURPOSE INSURERS; AMENDING SECTION 33-28-201, MCA; AND PROVIDING AN APPLICABILITY DATE. Section 1. Section 33-28-201, MCA, is amended to read: "33-28-201. Tax on premiums collected. (1) (a) Each captive insurance company shall pay to the commissioner, on or before March 1 of each year, a tax on the direct premiums collected or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending December 31, after deducting from the direct premiums subject to the tax the amounts paid to policyholders as return premiums, including dividends on unabsorbed premiums or premium deposits returned or credited to policyholders. (b) The tax on direct premiums collected in this state must be calculated as and (ii) 0.3% on each subsequent dollar collected. (2) (a) Each captive insurance company shall pay to the commissioner on or before March 1 of each year a tax on assumed reinsurance premiums. (b) A reinsurance tax does not apply to premiums for risks or portions of risks that are subject to taxation on a direct basis pursuant to subsection (1). (c) A reinsurance premium tax is not payable in connection with the receipt of assets in exchange for …
Sponsors
- Noland, Mark (R, 6) · primary sponsor
- Buttrey, Ed (R, 21)
Latest actions
- : Chapter Number Assigned
- : (S) Signed by Governor
- : (S) Transmitted to Governor
- : (H) Signed by Speaker
- : (S) Signed by President
- : (S) Returned from Enrolling
- : (S) Sent to Enrolling
- : (H) 3rd Reading
- : (H) Scheduled for 3rd Reading
- : (H) Committee Report
Votes
- Do Concur (April 9, 2025): 95 yea, 2 nay, passed
- Do Concur (March 25, 2025): 98 yea, 1 nay, passed
- Do Pass (February 14, 2025): 50 yea, 0 nay, passed
- Do Pass (February 7, 2025): 45 yea, 4 nay, passed
Subjects: Taxation, Revenue, State, Insurance
Common questions
- What is SB60?
- SB60 is a bill in the Montana Legislature (2025 Regular Session): Revise insurance premium taxes for certain captive insurers.
- What does SB60 do?
- In its own words: An act revising laws relating to the payment of taxes by certain captive insurers; revising laws relating to the payment of taxes by special purpose insurers; amending section 33-28-201, mca; and providing an applicability date.
- What is the status of SB60?
- Signed into law as of May 13, 2025. Latest action: Chapter Number Assigned (May 13, 2025).
- Who sponsored SB60?
- Noland, Mark (R, 6), with 1 co-sponsor.
- Where is the official record for SB60?
- On the Montana Legislature website: https://bills.legmt.gov/#/laws/bill/2/LC0105
Source: official Montana record. Tracked by Delilah, AI for legislation across all 50 states and Congress.