New Hampshire Gov. John Lynch signed insurer-backed legislation yesterday reducing the premium tax on property-casualty and life insurers from 2 percent to 1 percent over three-and-a-half years beginning July 1, 2007.
The bill also changes the way insurers pay their taxes. Under the measure, insurers will pay 100 percent of the previous year's taxes by March 15 of each year, rather than making quarterly payments throughout the year.
Laura Kersey, assistant vice president, Northeast Region for the American Insurance Association, which supported the bill, said the governor's action "is a sign that New Hampshire welcomes insurers to do business in the Granite State. Reducing the tax burden on New Hampshire insurers will create a more attractive economic environment in the state."
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