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 taxed under Article 33; and
- paid assessments under the Insurance Law Articles 75 and 77.
How much is the credit?
The credit is equal to 80% of the net assessments you paid pursuant to Articles 75 and 77 of the Insurance Law.
Note: For tax year 2024, you can only claim unused credits related to assessments you paid that were issued on or before December 31, 2023.
- For life insurance corporations, this is the amount of all your unused credit carryforward amounts, plus 80% of your 2022 and 2023 net assessments paid.
- For health insurance corporations, this is 80% of your 2023 net assessment paid.
The amount of net assessments paid is shown on a canceled check or proof of electronic payment associated with the invoice for class A assessments issued by the Life Insurance Guaranty Corporation in 2022 or the Life and Health Insurance Guaranty Corporation in 2023.
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.