Life and Health Insurance Company Guaranty Corporation (LHICGC) credit
Note: The LHICGC credit applies to tax years beginning on or after January 1, 2024. For previous tax years, see the Life Insurance Company Guaranty Corporation credit (LICGC).
Who is eligible?
You are entitled to claim this nonrefundable credit if you:
- are a life or health insurance corporation subject to the Article 33 franchise tax; and
- paid assessments under the Insurance Law Articles 75 and 77.
Beginning with the assessments issued in 2024, the Department of Financial Services, in consultation with the Life and Health Insurance Company Guaranty Corporation, will issue certificates that provide the amount of tax credit that can be claimed in a given tax year. A single year’s class B assessment will produce a tax credit that is claimed in thirds over a three year period, with certificates for each third issued annually.
How much is the credit?
The credits available to be claimed for tax years 2024 and 2025 are determined as follows:
| Credit amounts to be claimed by LIFE INSURERS | |
| Tax year 2024 (due in April 2025) | Tax year 2025 (due in April 2026) |
|
The sum of: 80% of net class A assessments issued in 2022 that were paid by the insurance corporation. The unused credit available that was carried forward to tax year 2024 and was reported on the 2023 tax year Form CT-33.2, Part 2, line 25. Two thirds of line 5 from the 2023 Form CT-33.2. This is the remaining amount of the credit authorized for 2021. One third of line 5 from the 2022 Form CT-33.2. This is the remaining amount of the credit authorized for 2020. Do not use credit certificate received in 2025. |
The sum of: The total credit amount from the certificate of tax credit received in 2025. The unused credit available that was carried forward to tax year 2025 and was reported on the 2024 tax year Form CT-33.2, Schedule B, line 15. Do not use credit certificate received in 2026. |
| Credit amounts to be claimed by HEALTH INSURERS | |
| Tax year 2024 (due in April 2025) | Tax year 2025 (due in April 2026) |
|
80% of net class A assessments issued in 2023 that were paid by the insurance corporation. Do not use credit certificate received in 2025. |
The sum of: The total credit amount from the certificate of tax credit received in 2025. The unused credit available that was carried forward to tax year 2025 and was reported on the 2024 tax year Form CT-33.2, Schedule B, line 15. Do not use credit certificate received in 2026. |
The amount of net assessments paid can be found on an invoice for class A assessments issued by the Life Insurance Guaranty Corporation in 2022 or the Life and Health Insurance Guaranty Corporation in 2023 together with a canceled check or proof of electronic payment.
Claiming the credit
To claim the credit, complete Form CT-33.2 and submit it with your Form CT-33, CT-33-A, or CT-33-NL.
Additional information
- Form CT-33.2, Life and Health Insurance Company Guaranty Corporation Credit, and its instructions
- Tax Law § 1511(f) and Insurance Law § 7712.