HB1204TabledTaxation
lower the total amount of tax credits that may be claimed on annual premium tax returns.
HB1204 lowers the annual cap on tax credits that insurance companies can claim on their premium tax returns from an unspecified amount to $2.5 million per year, starting in fiscal year 2021. This means insurance companies will have a stricter limit on the total tax breaks they can claim, potentially increasing the state's tax revenue from the insurance industry.