House Bill No. by Representative Firmant proposes amendments to the existing law regarding insurance premium tax credits for retaliatory taxes paid by certain domestic insurers. The bill increases the maximum amount of credits that can be claimed in a fiscal year from $9 million to $25 million. Additionally, it extends the termination date for these credits from December 31, 2029, to December 31, 2034. The bill maintains the provision that allows a refundable credit to offset insurance premium taxes due, and if the total credits claimed exceed the new limit, the commissioner will issue refunds on a pro rata basis based on the retaliatory taxes paid by each insurer.

The proposed changes aim to provide greater financial relief to domestic insurers operating in Louisiana and other states, thereby encouraging their continued participation in the market. The bill is set to take effect upon the governor's signature or after the designated period for gubernatorial action, ensuring that the adjustments to the tax credits are implemented promptly.

Statutes affected:
HB475 Original: 22:836(B)