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| 1. Credit allowed. A member insurer may offset against its premium | | tax liability to this State an assessment described in section | | 4609, subsection 2-A, paragraph B and for which a certificate under | | section 4609, subsection 9 is issued, to the extent of 20% of the | | amount of the assessment for each of the 5 calendar years following | | the year in which the assessment was paid.__In the event a member | | insurer ceases doing business, all uncredited assessments may be | | credited against its premium tax liability for the year it ceases | | doing business. |
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| | | 2. Refunds. Any sums that are acquired by refund, pursuant to | | section 4609, subsection 6, from the association by member | | insurers, and that have been offset against premium taxes as | | provided in subsection 1, must be recaptured in such manner as | | required by the State Tax Assessor under Title 36.__The | | association shall notify the superintendent and the State Tax | | Assessor that refunds have been made. The association also shall | | provide the State Tax Assessor with a list of all members who | | were issued refunds and the dates and amounts of such refunds. |
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| | | 3. Application. This section applies to assessments paid to | | the association by a member insurer on or after January 1, 2005. |
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| | | Sec. 15. 36 MRSA §2530 is enacted to read: |
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| | | §2530. Maine Life and Health Insurance Guaranty Association | | credit |
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| | | A taxpayer is allowed a credit against the tax otherwise due | | under this chapter as determined under Title 24-A, section 4621. |
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| | | Sec. 16. Application. This Act does not apply to any insurer that is | | insolvent or unable to fulfill its contractual obligations on the | | effective date of this Act. |
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