This bill amends the current law regarding tax credits for assessments paid by insurance companies to the New Hampshire Life and Health Insurance Guaranty Association (NHLHIGA). It modifies the existing framework by allowing member insurers to offset their tax liability under RSA 400-A by claiming 10 percent of the assessment for each of the 10 consecutive years following the year the assessment was paid, as opposed to the previous structure which allowed for a 20 percent offset over 5 years. Additionally, the bill includes provisions that if a member insurer ceases doing business, all uncredited assessments may be credited against its tax liability for the year it ceases operations. The bill also empowers the commissioner to adopt necessary rules for implementation.

Furthermore, the bill exempts the conduct of a sports book and participation in sports wagering from criminal gambling statutes, aligning the language in RSA 647:2, V(f) with the sports wagering statute RSA 287-I. This change is primarily a housekeeping measure and is not expected to have any fiscal impact. Overall, the bill aims to provide a more predictable financial framework for insurance companies while ensuring that the state's revenue is not significantly impacted by large assessments.

Statutes affected:
Introduced: 408-F:13
As Amended by the Senate: 408-F:13, 647:2
HB1194 text: 408-F:13