Increases insurance premium tax credit for certain insurance companies to reduce retaliatory tax liability imposed by other states.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the insurance premium tax credit for certain insurance companies in New Jersey. Specifically, it aims to reduce retaliatory tax liabilities imposed by other states on these companies. The bill amends existing law to allow companies to deduct up to 90% of retaliatory taxes paid to other states when filing their New Jersey insurance premium tax returns, with a potential increase in the credit percentage over time. This is intended to make New Jersey more competitive for insurance businesses.
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