Insurance: other; housing opportunity credits against the retaliatory tax; provide for. Amends secs. 476a & 476b of 1956 PA 218 (MCL 500.476a & 500.476b). TIE BAR WITH: HB 5805'26, HB 5806'26

Summary

The bill amends the insurance code so that, beginning in tax years starting Jan. 1, 2027, an alien or foreign insurer can reduce the retaliatory tax it must pay by the amount of any housing opportunity tax credit it receives. It applies to insurers that are required to make deposits or pay taxes under sections 476a and 476b when other states impose higher burdens. The change is intended to lessen the tax load on such insurers and only takes effect if companion bills HB 5805 and HB 5806 become law.

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