HomeMy WebLinkAbout2019-11-8597ORDINANCE NO. 2019-11-8597
AN ORDINANCE AMENDING CHAPTER 106
OF THE CODE OF ORDINANCES OF THE CITY OF PADUCAH
WHEREAS, the Kentucky Revised Statutes authorize the collection of license taxes;
WHEREAS, since 2007, the City of Paducah has collected license taxes at a rate of six
(6) percent on premiums collected for insurance policies written or received within the preceding
calendar quarter as a means to fund City expenses and projects;
WHEREAS, it is the Board of Commissioners' opinion that additional revenue from
collection of said license taxes is necessary to assist in the funding of employee pensions, as well
as the funding for the design, construction administration, and construction of an indoor
recreation and aquatic facility for use by the citizens of the City of Paducah;
WHEREAS, to that end, Chapter 106 of the Paducah Code of Ordinances is hereby
amended to increase the license tax from six (6) percent to seven (7) percent.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah, Kentucky hereby amends Chapter 106 of the
Paducah Code of Ordinances by amending the following sections:
Sec. 106 -126. — Insurance companies.
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(b) Life insurance. Each life insurance company doing business in the City shall pay
a license tax based upon the first (1St) year's premiums actually collected from policies written
within the preceding calendar quarter upon the lives of persons residing within the corporate
limits of the City in the amount of [six (6)] seven percent.
(c) Other forms of insurance. Each insurance company, other than those specified in
subsection (b) of this section, doing business in the City shall pay a license tax based upon a
percentage of the premiums received by the company within the preceding calendar quarter for
insurance on risks located within the corporate limits of the City on those classes of business
which such company is authorized to transact, less all premiums returned to policyholders, at a
rate of [sig (] seven 7 percent of the premiums actually collected within each calendar
quarter; provided, however, that the license tax shall not include premiums for insuring
employers against liability for personal injuries to their employees, or death caused thereby,
under the provisions of the Workmen's Compensation Act of Kentucky, and shall not include
premiums received on policies of group health insurance provided for State employees under
KRS 18A.225(2).
SECTION 2. This Ordinance shall be read on two separate days and become effective
upon summary publication pursuant to KRS Chapter 424.
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Brandi Harless, Mayo
ATT ST:
A - I rA
Lindsay Parish Cy Clerk
Introduced by the Board of Commissioners, November 12, 2019
Adopted by the Board of Commissioners, November 26, 2019
Recorded by the City Clerk, November 26, 2019
Published by The Paducah Sun, December 4, 2019
ord\106-126 Increase Insurance Premium Tax
Ordinance Prepared by KKHB 233052