Assembly Bill 699 proposes the establishment of a long-term care insurance assessment and a corresponding tax credit for insurers in Wisconsin. The bill amends various sections of the statutes to create a segregated account within the existing insurance security fund specifically for long-term care insurance. It outlines the process for calculating assessments for this account based on the premiums written by life and disability insurers. The bill mandates that 50% of the total assessment be allocated to life insurers and 50% to disability insurers, with each insurer's assessment determined by their share of total premiums written in the state.

Additionally, the bill introduces a tax credit equal to 20% of the long-term care insurance assessment paid by insurers, which can be claimed for the tax year following the payment and for the subsequent four years. This credit is refundable for disability insurers but nonrefundable for others. The bill also includes amendments to existing tax credit provisions, ensuring that the long-term care insurance assessment credit is integrated into the broader tax framework. Overall, the legislation aims to enhance the financial stability of long-term care insurance while providing tax relief to insurers contributing to the new assessment.

Statutes affected:
Bill Text: 71.21(6)(d)3, 71.21, 71.365(4m)(d)2, 71.365