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Industry group applauds tax reform vote

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The Property Casualty Insurers Association of America is praising the U.S. House of Representatives’ passage of ambitious tax reform legislation.

Nat Wienecke, senior vice president, PCI’s federal government relations, said the association applauded the House’s actions in passing H.R.1, the Tax Cuts and Job Act, on a 227-205 vote Thursday.

“Reducing the corporate tax rate will help the property and casualty industry be more competitive and could create benefits for our markets, consumers, and the economy,” Mr. Wienecke said Thursday in a statement. “We appreciate that the bill recognizes the property and casualty insurance industry’s unique business and state regulatory model.”

Mr. Wienecke added that the association looked “forward to working with the members of the House and Senate as this legislation moves forward.”

Among other things, H.R. 1 reduces the number of marginal income tax rate brackets from seven to four; repeals the alternative minimum tax, repeals the estate tax after six years, and cuts the corporate tax rate to 20% from 35% while eliminating most business deductions and credits.