Washington State: Insurance company affiliate qualifies for insurance business B&O tax exemption (Supreme Court decision)
Affiliate qualifies for exemption on income earned from providing services to insurance company
The Washington State Supreme Court held that an affiliate of an insurance company is entitled to the “insurance business exemption” from business & occupation (B&O) tax on income earned from providing services to the insurance company because the insurance company pays insurance premium tax on premiums received from consumers.
Read a December 2024 report prepared by KPMG LLP