Snippets about Lake Tahoe
• State Sen. Ted Gaines, R–Rocklin, on April 10 voiced his strong opposition to Assembly Bill 468, a measure that would implement a new, 4.8 percent tax on property insurance policies to create a “disaster relief fund” in California.
• El Dorado County Office of Education has hired Ed Manansala as the associate superintendent of Educational Services.
• Full House Resorts’ lease with an affiliate of Hyatt Hotels Corporation for the Grand Lodge Casino at Hyatt Regency Lake Tahoe in Incline Village has been extended and is now scheduled to expire Aug. 31, 2018.
• Keep the Sierra Green is in the running for a $25,000 grant. Voting is through April 22 to bring the money to Truckee. Click here for more info.
• There will be free paper shredding on April 20 from 10am-noon at the Squaw Valley Village parking lot; and free electronic waste dumping that day from 10am-2pm.
Apparently Ted has no idea how insurance rates and premiums are promulgated. It is possible that he knows and could care less. Rates and premiums are based on expirience including a disaster. Those lucky enough not to suffer a loss will find an increase on their next renewal, they do not need another 4.8 increase on top.
Ted should look at the loopholes that congress is not.
The best is a million dollar Yacht that qualifys as a second home. loan interest is a tax deduction for starters.
Alex, you completely missed the point. California is trying to raise taxes by creating a special tax on the insurance premiums paid on property. All property. This has nothing to do with how premiums are set and certainly nothing to do with federal itemized deductions on mortgage interest.
His point is your car and homeowners insurance is about to become more expensive because the tax has to be passed to the consumer.
Gaines is correct to oppose this bill.
It sounds like the State wants to tax those who insure themselves against disaster so they can have money to give to people who didn’t.
John Property Insurance Policies as opposed to Liability Insurance policies.
Think the billions of dollars it is costing the insurance cos. because of disasters. A Disaster Relief Fund can be created by closing loopholes on those 3% that enjoy a different kife style.
http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201320140AB468
I just read the bill. This is a replacement for the fire fee. It would tax homeowners insurance and commercial property insurance policies with fire riders. Now instead of a tax (which it is) they are calling it a surcharge.
Alex, people who own yachts dont finance yachts. But anyway, tax law should be used to raise taxes, not implement social policy. You are proposing more of the same and its why our tax code is a disaster.
John As a Life Member and Past Commodore of a major Yacht Club in Southern Cal. Yachtsmen and Yachtswomen do finance yachts that they use and write off AS A 2ND HOME.
Tax law should not be used to raise taxes, it should be used to COLLECT taxes. The treasonous abuse of laws written by the 1%, enacted by a congress bought and paid for by the 1% is the main problem. We’re not broke and austerity is stupid. Ted Gaines supporting the bloodsucking insurance industry and large landowners(main job=inherited land) is no surprise.