Insurance: other; state low-income housing tax credit; create. Amends secs. 476a & 476b of 1956 PA 218 (MCL 500.476a & 500.476b). TIE BAR WITH: SB 0966'26, SB 0967'26

Summary

The bill adds new deposit and tax obligations for foreign insurers that pay higher charges in other jurisdictions, making them pay comparable amounts to Michigan before doing business here. It also allows those insurers to claim a credit against this tax equal to the state low‑income housing tax credit they would otherwise qualify for. The changes only take effect if companion bills SB 966 and SB 967 are also enacted.

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