NU Online News Service, April 3, 3:33 p.m. – West Virginia Gov. Bob Wise, a Democrat, is considering S.B. 647, a bill that would change the state law governing how life insurers report and pay taxes on annuities written in the state.
The bill, which was introduced by Sen. Oshel Craigo, D-Putnam County, would give life insurers a choice. Insurers could report that they have received annuity revenue when customers apply for the annuities, or the insurers could wait and record the revenue when they have actually received the cash.