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

This bill increases New Jersey's insurance premium tax credit for domestic insurance companies from 15% to 90% of retaliatory tax liability paid to other states. It directly affects insurance companies licensed in New Jersey that operate in multiple states, allowing them to reduce their New Jersey tax bill by a larger portion of taxes paid to other states. The key provision amends existing law to replace the current 15% credit (with annual 1% increases up to 15%) with a flat 90% credit for all filings due on or after March 1, 2024. This change aims to make New Jersey more competitive with states offering higher credits for retaliatory taxes.