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Committee adopts changes to insurance assessment credit: 7-year carry forward, $10M annual cap
Summary
The committee adopted a substantial rewrite to HB 11 94 that shortens the insurer carry-forward period to seven years, sets a $10 million annual statewide cap and changes annual recognition rules; the amendment and the committee's 'ought to pass' recommendation passed largely along bipartisan lines (16–1). Insurance department and industry representatives spoke in support of negotiated changes.
Representative Mary Murphy moved an amendment that effectively replaced major sections of HB 11 94 to add Department of Insurance definitions, reduce the carry-forward recognition period from 10 years to seven, cap the annual credit at $10,000,000 and set a recognition ceiling that allows roughly 14.28% recognition per calendar year (so credits are phased in over seven years if the cap is exceeded). "The…
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