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New Jersey Increases Surplus Lines Premium Tax

Source: The New Jersey Chamber of Commerce

Posted on 06 Jul 2009

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New Jersey Governor Corzine signed into law A-4100 last week, the fiscal 2010 state budget bill, and related revenue bills. Included in the bill is an increase in the surplus lines premium tax.

This bill increases the premium tax on surplus lines carriers from 3 percent to 5 percent, and makes a one-time transfer of $60 million from the surplus lines fund to the Health Care Subsidy Fund. The bill also signs into law for one year the tax rate on group accident and health insurance premiums paid by insurance companies from 1 percent to 1.35 percent.