SB 521
Extends the sunset of the 2.5% supplemental surcharge collected by the Division of Workers' Compensation
Sponsor:
LR Number:
2052S.01I
Last Action:
4/4/2023 - SCS Voted Do Pass S Insurance and Banking Committee (2052S.02C)
Journal Page:
Title:
Effective Date:
August 28, 2023

Current Bill Summary

SCS/SB 521 - Under current law, for calendar year 2023, the Director of the Division of Workers' Compensation is required to collect a supplemental surcharge not to exceed 2.5% of the policyholder's or self-insured's workers' compensation net deposits, net premiums, or net assessments for the previous policy year, rounded up to the nearest one-half of a percentage point. This provision expires December 31, 2023. This act extends that expiration date to December 31, 2026 and lowers the surcharge to 1% for that duration, rather than revert to 3%.

This act is identical to provisions in the truly agreed to and finally passed HCS/SS/SB 24 (2023), SCS/HB 585 (2023), SS/SCS/HCS/HB 655 (2023), and HCS/HB 1017 (2023).

SCOTT SVAGERA

Amendments

No Amendments Found.