LITTLE ROCK, Ark. (AP) _ A tax overhaul task force is looking into whether Arkansas should change two tax credits authorized for insurance companies that cost the state about $77 million a year.
The Arkansas Democrat-Gazette reports members of the Tax Reform and Relief Legislative Task Force on Thursday questioned the benefits of a decades-old law that allows life, health and disability insurers to get a home office credit against their insurance premium taxes.
The Arkansas Insurance Department says the home office credits cost the state more than $60.5 million in 2017.
Task force members are also questioning a 2013 law authorizing tax credit to certain insurers against premium insurance taxes for investments made by qualified community development entities in low-income areas.
The department says these so-called new market jobs credits cost the state about $16.4 million in 2017.
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