§ 7712. Credits for assessments paid. (a) The superintendent shall
annually issue a certificate of tax credit for net class A assessments
paid, and a separate certificate of tax credit for total net class B and
class C assessments paid, as such assessments are described in section
seven thousand seven hundred nine of this article, to an insurance
company that is required to file a tax return pursuant to article
thirty-three of the tax law. The superintendent shall issue such
certificates by March thirty-first of the year following the year in
which the class A, B, and C assessments are paid or to which they are
allocated pursuant to the provisions of subsection (c) of this section.
For the purposes of this section, an insurance company's "net class A
assessments paid" shall mean its gross class A assessments paid pursuant
to the provisions of article seventy-five or section seven thousand
seven hundred nine of this article, less any refunds, recoveries, or
reimbursements, and an insurance company's "total net class B and class
C assessments paid" shall mean its gross class B and class C assessments
paid pursuant to the provisions of article seventy-five or section seven
thousand seven hundred nine of this article, less any refunds,
recoveries, or reimbursements.

(b) The certificates of tax credit shall set forth the amount of tax
credit an insurance company may claim as follows:

(1) for net class A assessments, the eligible credit amount shall be
equal to the product of eighty per centum and the company's net class A
assessments paid; and

(2) for total net class B and class C assessments, the eligible credit
amount shall be equal to the product of eighty per centum and the
company's total net class B and class C assessments paid, subject to
subsection (c) of this section.

(c)(1) The aggregate amount of tax credits pursuant to this section
for total net class B and class C assessments in each calendar year
shall not exceed one hundred fifty million dollars. The aggregate tax
credit amount shall be allocated annually by the superintendent on a pro
rata basis to each company required to file a tax return pursuant to
article thirty-three of the tax law.

(2) The superintendent shall allocate any tax credit amount that
exceeds the annual credit cap of one hundred fifty million dollars to
the following calendar year and include such amount within the
calculation of the eligible credit amount subject to the aggregate
credit amount for the succeeding calendar year by the superintendent.

(3) For companies issued a certificate of tax credit for total net
class B and class C assessments, such annual certificate shall set forth
an amount equal to thirty-three and one-third per centum of the amount
calculated under subsection (b) of this section and allocated pursuant
to paragraph one of this subsection. The amount on the certificate of
tax credit shall be eligible to be claimed in the taxable year that
begins in the calendar year that such certificate is issued.
Thirty-three and one-third per centum of such amount shall be eligible
to be claimed in each of the two taxable years following such taxable
year.

(d)(1) The superintendent shall, in consultation with the commissioner
of taxation and finance, develop a certificate of tax credit for net
class A assessments, and a certificate of tax credit for total net class
B and class C assessments. Each certificate shall contain such
information as required by the commissioner of taxation and finance,
including a certificate date.

(2) The superintendent shall solely determine the tax credit
eligibility of any insurance company and shall revoke any certificate of
tax credit issued to an insurance company that no longer qualifies for a
tax credit. The superintendent shall modify the amount of the credit
shown on any such certificate if the superintendent determines that the
amount certified under subsection (b) of this section was not computed
properly pursuant to this section.

(3) To be issued a certificate of tax credit by the superintendent,
each insurance company shall:

(A) agree to allow the department of taxation and finance to share the
insurance company's tax information relevant to the administration of
this section with the superintendent. However, any information shared
with the superintendent as a result of this section shall not be
available for public disclosure or inspection under article six of the
public officers law;

(B) allow the superintendent and the corporation access to any and all
books and records the superintendent or corporation may require to
monitor compliance with this section; and

(C) agree to provide any additional information required by the
superintendent relevant to this section.