SB 1375 Summary

• Allows insurers to claim a credit against state premium tax liability for claims costs incurred in providing medicare supplemental insurance to disabled individuals under age 65 who are certified by the federal government.

• The tax credit applies against premium taxes owed under sections 20-224, 20-837, 20-1010, 20-1060, or 20-1097.07.

• Insurers claiming this tax credit are exempt from paying additional retaliatory taxes that would otherwise be imposed under section 20-230.

• The Department of Insurance and Financial Institutions and the Department of Revenue must adopt rules and establish procedures for administering the tax credit program.