This bill phases out the insurance premium tax on all annuity considerations over 10 years beginning in 2024 and provides that during the phase-out period the retaliatory tax on non-Maine insurance companies does not apply. The bill also specifies that certain deductions related to annuities may be deducted only from annuity considerations for tax periods beginning on or after January 1, 2024.

Statutes affected:
Bill Text LD 1720, SP 683: 36.2513, 36.2515