Bill > AB699

This bill establishes a new assessment on long-term care insurance policies and creates a corresponding tax credit for insurers who pay this assessment. Specifically, it introduces a "long-term care insurance assessment" and allows insurers to claim a tax credit equal to 20% of the assessment they pay, for five years following the year of payment. This credit can be applied against various state taxes, including income and franchise taxes for individuals and corporations, as well as certain insurer fees. The bill also clarifies how these assessments and credits are handled for different types of insurers, including disability insurers and those operating in multiple states, and ensures that the long-term care insurance assessment is accounted for separately within the state's insurance security fund. The provisions related to the long-term care insurance assessment and credit are set to take effect starting with taxable years after December 31, 2026.

Budget and Finance, Business and Industry

https://docs.legis.wisconsin.gov/2025/proposals/reg/asm/bill/ab699