HB 25B-1004 Summary

• Authorizes the Department of Treasury to sell insurance premium tax credits and corporate income tax credits to qualified taxpayers, with total face value up to $125 million or sales proceeds up to $100 million, plus administrative costs.

• Creates the Tax Credit Sale Proceeds Cash Fund to receive payment proceeds from tax credit sales; monthly deposits are transferred to the General Fund after deducting administrative and monitoring expenses.

• Allows qualified insurance companies to purchase premium tax credits at minimum 80% of face value and claim them against future premium tax liability through December 31, 2033; unused credits are non-refundable and cannot be carried forward past that date.

• Allows qualified C corporations to purchase corporate income tax credits at minimum 80% of face value and claim them against future income tax liability through December 31, 2033; excess credits over annual liability are not refundable but may be carried forward.

• Appropriates $3,173,500 to the Department of Treasury for fiscal year 2025-26 from the Tax Credit Sale Proceeds Cash Fund for tax credit administration; both Parts 4 and 5 automatically repeal effective December 31, 2040.