2025 Assembly Bill 700 proposes an amendment to the statutes regarding the long-term care insurance assessment credit. Specifically, it introduces a "sum sufficient" appropriation to facilitate refundable credit payments for this assessment credit, which is established by a related bill, 2025 Assembly Bill .... (LRB-5462/1). If the latter bill is not enacted, Assembly Bill 700 will also become void. The amendment modifies the existing legal language by deleting the phrase "The amounts in the schedule" and replacing it with "A sum sufficient" to clarify the funding mechanism for the credit payments.

Additionally, the bill includes a reconciliation provision that outlines the conditions under which it will take effect. If the related Assembly Bill .... (LRB-5462/1) or any identical bill is enacted, Assembly Bill 700 will take effect on the date of the first bill's enactment. Conversely, if the related bill does not pass, Assembly Bill 700 will be rendered void. This structure ensures that the implementation of the long-term care insurance assessment credit is contingent upon the successful passage of the related legislation.