Audit Suggests Repeal of Tax

1 decade 2 years 6 months ago Wednesday, April 05 2006 Apr 5, 2006 Wednesday, April 05, 2006 1:06:41 PM CDT April 05, 2006 in News
The tax credit helps insurers offset their costs of state reviews. But McCaskill says Missouri is one of just five states that allow such tax credits. She says it cost the state nearly $6 million in lost taxes in 2003 and 2004. The audit recommended the Department of Insurance considering seeking legislation to reduce or eliminate the tax credit. Department spokesman Matt Barton says the tax credits will be reviewed. Calvin Call is the executive director of the Missouri Insurance Coalition. He says the recommendation is a poor one, and that examination costs would merely get passed along to home and auto owners.

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