Increases insurance premium tax credit for certain insurance companies to reduce retaliatory tax liability imposed by other states.

This bill increases the credit that New Jersey-based insurance companies can use to offset their state insurance premium tax from 15% to 90% of any retaliatory tax they paid to other states. The credit applies to tax filings due on or after March 1, 2024. It directly affects domestic insurance companies operating in multiple states, particularly those paying retaliatory taxes imposed by other states in response to New Jersey's taxes on out-of-state insurers. The change allows these companies to reduce their New Jersey tax liability by a significantly larger portion of the taxes they incurred in other jurisdictions.