Senate Bill 684 proposes amendments to various sections of Wisconsin statutes to establish a long-term care insurance assessment and a corresponding tax credit for insurers. The bill introduces a new segregated account within the existing insurance security fund specifically for long-term care insurance. It mandates that the board of directors of the fund calculate assessments for this account based on the percentage of premiums written by life and disability insurers. Insurers will be classified as either life or disability based on their premium composition, and the total assessment will be evenly divided between the two classes.

Additionally, the bill creates 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 several amendments to existing tax credit provisions, specifically adding the long-term care insurance assessment credit to various sections of the tax code while removing certain outdated references. Overall, the legislation aims to enhance the financial stability of long-term care insurance in Wisconsin 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