Under the act, premiums written above US$60 million will be taxed at a rate of 0.02 per cent, instead of the five per cent rate that applied previously.
This proposal follows the mention of micro-captives on its 2023 list.
The measure targets captive insurance entities, which often operate outside their business's state, bypassing local insurance companies and agents.
In the verdict, the jury cleared RMC Group, owned by Raymond Ankner, from penalties under Internal Revenue Code Section 6700, which governs the promotion of abusive tax shelters.
The H.659 bill seeks to make various amendments to Vermont law relating to captive insurance
The proposed tax would apply to businesses that are part of multinational enterprise groups (MNEs) with annual revenue of €750 million (£648.1 million) or more
Connecticut representative Joe Courtney has introduced the Casualty Loss Deduction Restoration Act to provide citizens with financial relief following losses from unexpected disasters
