Taxes—Exemptions and deductions.
(1) The taxes imposed in RCW
48.14.020 and
48.14.0201 do not apply to premiums and prepayments collected or received for policies of insurance issued under RCW
48.41.010 through
48.41.210.
(2) In computing tax due under RCW
48.14.020 and
48.14.0201, there may be deducted from taxable premiums and prepayments the amount of any assessment against the taxpayer under RCW
48.41.010 through
48.41.210. Any portion of the deduction allowed in this section which cannot be deducted in a tax year without reducing taxable premiums below zero may be carried forward and deducted in successive years until the deduction is exhausted.
NOTES:
Effective date—1995 c 304: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately [May 9, 1995]." [
1995 c 304 s 2.]