Bill > HB1682

This bill amends Virginia's tax code to provide a specific tax exemption for surplus lines brokers (insurance professionals who work with non-standard insurers) regarding insurance policies for a particular commuter rail system. Starting in calendar year 2025, surplus lines brokers will not be required to pay annual taxes, license taxes, or penalties on insurance policies procured for a commuter rail system that is jointly operated by the Northern Virginia Transportation Commission and the Potomac and Rappahannock Transportation District. This exemption means that these brokers will be relieved of the usual tax reporting and payment obligations specifically for insurance policies related to this transportation system. The bill appears to create a targeted tax relief provision that could potentially reduce administrative and financial burdens for insurance brokers working with this specific commuter rail system. The exemption applies to future tax years beginning in 2025 and continues for subsequent calendar years, suggesting a long-term tax policy change for this particular transportation infrastructure insurance context.

Budget and Finance, Business and Industry

https://lis.virginia.gov/bill-details/20251/HB1682