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REFERENCE TITLE: premium tax credit; medicare claims |
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State of Arizona Senate Fifty-fourth Legislature Second Regular Session 2020
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SB 1375 |
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Introduced by Senator Livingston
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AN ACT
amending title 20, chapter 2, article 1, Arizona Revised Statutes, by adding section 20‑224.04; relating to insurance premium tax credits.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 20, chapter 2, article 1, Arizona Revised Statutes, is amended by adding section 20-224.04, to read:
20-224.04. Premium tax credit for medicare supplemental insurance claims costs
A. A credit is allowed against the premium tax liability incurred by an insurer pursuant to section 20‑224, 20‑837, 20‑1010, 20‑1060 or 20‑1097.07 for the amount of claims costs incurred by the insurer that are certified by the federal government under 42 United States Code section 1395ss during the tax year for providing medicare supplemental insurance for individuals who have been determined to have a disability by the social security administration and who are under sixty‑five years of age.
B. An insurer that claims a tax credit against state premium tax liability is not required to pay any additional retaliatory tax imposed pursuant to section 20-230 as a result of claiming that tax credit.
C. The department of insurance and financial institutions, with the cooperation of the department of revenue, shall adopt rules and publish and prescribe forms and procedures necessary for the administration of this section.