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Senate committee adopts amendment to stretch insurer insolvency tax credits over 10 years
Summary
The Senate Ways and Means Committee approved an amended version of House Bill 1194 to change how insurance‑guarantee assessments are credited against carriers' premium tax, replacing a proposed cap with a 10‑year, 10% spread to smooth revenue volatility after large insolvencies.
The Senate Ways and Means Committee voted to advance House Bill 1194, as amended, to modify how the insurance guarantee‑fund assessment credits are claimed against carriers' insurance premium tax following an insurer insolvency.
Representative Tom Shamburgg, the bill's sponsor in the House, told the committee the measure is a fiscal‑stability bill that ‘‘does not increase taxes’’ but instead smooths the state’s exposure to sudden, multi‑million‑dollar swings in revenue when large insurers fail. ‘‘This $10 million cap in House Bill 1194 smooths the impacts on state…
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