Bill Text: AZ HB2632 | 2021 | Fifty-fifth Legislature 1st Regular | Introduced
Bill Title: Premium tax credit; insulin assistance
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2021-02-02 - House read second time [HB2632 Detail]
Download: Arizona-2021-HB2632-Introduced.html
REFERENCE TITLE: premium tax credit; insulin assistance |
State of Arizona House of Representatives Fifty-fifth Legislature First Regular Session 2021
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HB 2632 |
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Introduced by Representatives Shah: Jermaine
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AN ACT
amending title 20, chapter 2, article 1, Arizona Revised Statutes, by adding section 20‑224.04; relating to premium tax credits.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 20, chapter 2, article 1, Arizona Revised Statutes, is amended by adding section 20-224.04, to read:
20-224.04. Premium tax credit for insulin assistance program costs; definition
A. A CREDIT IS ALLOWED AGAINST THE PREMIUM TAX LIABILITY INCURRED BY AN INSURER PURSUANT TO SECTION 20‑224, 20‑837, 20‑1010, 20‑1060 OR 20‑1097.07 FOR THE AMOUNT OF CLAIMS COSTS INCURRED BY THE INSURER pursuant to a voluntary insulin assistance program established by the insurer. The amount of the credit an insurer may claim for costs incurred to cover participating insureds are the costs the insurer incurred to provide the program not including any cost sharing paid by the participating insureds.
B. AN INSURER THAT CLAIMS A TAX CREDIT AGAINST STATE PREMIUM TAX LIABILITY IS NOT REQUIRED TO PAY ANY ADDITIONAL RETALIATORY TAX IMPOSED PURSUANT TO SECTION 20-230 AS A RESULT OF CLAIMING THAT TAX CREDIT.
C. THE DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS, WITH THE COOPERATION OF THE DEPARTMENT OF REVENUE, SHALL ADOPT RULES AND PUBLISH AND PRESCRIBE FORMS AND PROCEDURES NECESSARY FOR THE ADMINISTRATION OF THIS SECTION.
D. For the purposes of this section, "voluntary insulin assistance program" means a program in which an insurer voluntarily reduces an insured's total cost sharing amount, including any copayment, deductible or coinsurance, for covered insulin prescription drugs to a maximum of $100 per month.