56-4-220 - Exemption of life insurance and annuity premiums.

56-4-220. Exemption of life insurance and annuity premiums.

(a)  The rate of taxation shall be zero (0) on all premiums or considerations under life insurance policies or annuity contracts issued in connection with any pension plan, annuity plan or profit-sharing plan qualified for federal income tax advantages under the Internal Revenue Code of 1954, part I, subchapter D, subtitle A, compiled in 26 U.S.C. § 401 et seq., or to any trust qualified for income tax advantages under the Internal Revenue Code of 1954, § 501(a), codified in 26 U.S.C. § 501(a).

(b)  This section is declared to be remedial in nature and to that end shall apply to all such life insurance policies, annuity contracts or trusts occurring on or after January 1, 1988.

[Acts 1988, ch. 1038, §§ 1, 2.]