2008 Senate Bill 1062 / Public Act 30

Regulate and tax "captive insurance companies”

Introduced in the Senate

Jan. 24, 2008

Introduced by Sen. Alan Sanborn (R-11)

To exempt from taxation under the Michigan Business Tax the “captive insurance companies” for which Senate Bill 1061 would establish a separate tax and regulatory regime.

Referred to the Committee on Banking and Financial Institutions

Jan. 31, 2008

Reported without amendment

With the recommendation that the bill pass.

Feb. 12, 2008

Passed in the Senate 36 to 1 (details)

Received in the House

Feb. 12, 2008

Referred to the Committee on Insurance

Feb. 14, 2008

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Feb. 21, 2008

Passed in the House 108 to 0 (details)

To exempt from taxation under the Michigan Business Tax the “captive insurance companies” for which Senate Bill 1061 would establish a separate tax and regulatory regime.

Signed by Gov. Jennifer Granholm

March 13, 2008