Bill > SB1269

This bill amends the Virginia Code to provide a tax exemption for surplus lines brokers (insurance professionals who place coverage with non-admitted insurers) related to insurance policies for a specific commuter rail system. Specifically, beginning 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 means that for insurance policies related to this particular transportation system, brokers will be relieved of the standard tax obligations they would normally have under Virginia law. The bill creates a new subsection (E) to the existing statute on surplus lines broker taxes, carving out this specific exemption for the named commuter rail system. This targeted tax relief appears designed to reduce financial burdens on this specific transportation infrastructure project.

Budget and Finance, Business and Industry

https://lis.virginia.gov/bill-details/20251/SB1269