Megapolis Insurance

Texas health insurance House Ways & Means Committee held a hearing last week to examine another potential new revenue source as it looks ahead to a rough budget session next year. The hearing was one of several in which the tax committee examined exemptions from the state sales and property taxes. The insurance industry testified that the premium tax is a predictable source of revenue and that a direct swap of the premium tax for a franchise tax would actually be detrimental to the state’s bottom line. The Ways & Means Committee will continue to meet until the legislature goes back into session in January 2011.