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65 / 94

353

353

Total Credit

Structure of

Who Is Eligible

Qualified

State Share in

State

Allocated

Tax Credit

for Tax Credit

Businesses

Distribution

TABLE 1

Comparisons of Key Features of CAPCO Legislation Across State-Passed Legislation

Florida-CS/HB1575 (passed 1998-1999)

$150 million

100% premium tax credit; maximum 10% per year

Insurance companies

Fewer than 200 employees; 75% employment in state

10% of amount in excess of original certified capital

Louisiana (Act 642, passed 1983)

Unlimited 1983-1997; 1998, $8 million annual cap on premium tax credits; 1999, $4 million annual cap on income tax credits $50 million, 1997; $50 million, 1998; $40 million, 1999

110% premium tax credit; maximum 11% per year; 35% income tax credit

Missouri (Certified Capital Company law, passed 1997)

100% premium tax credit; maximum 10% per year

New York (Chapter 397 of 1997 laws)

$100 million (maximum of $50 million in 1999)

100% premium tax credit; maximum 10% per year

Wisconsin (SB333, passed 1997)

$50 million

100% premium tax credit; maximum 10% per year

Insurance

companies; individuals;

corporations

Insurance companies

Insurance companies

Insurance companies

Fewer than 500 employees; net worth less than

$18 million; net income less than $6 million

Fewer than 200 employees;

80% employment in state; revenues less than

$4 million Fewer than 200 employees;

80% employment in state; revenues less than

$5 million Fewer than 100 employees;

75% employment in state

None, 1983-1997; after 1998,

25% of excess over amount required to yield 15% IRR

(including value of tax credits)

25% of excess over amount required to yield 15% IRR (including value of tax credits)

None

None

NOTE: CAPCO = Certified Capital Company; IRR = internal rate of return.

Timing of Investments

20% within 1 year; 30% within 2 years; 50% within 4 years;

50% early stage 50% within 3 years with 40% in qualified businesses; 80% within 5 years with 50% in qualified businesses

25% within 2 years; 40% within 3 years; 50% within 4 years

25% within 2 years; 40% within 3 years; 50% within 4 years; 50% early stage

30% within 3 years; 50% within 5 years

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