Life and Health Insurance Company Guaranty Corporation (LHICGC) credit (tax years 2024 and forward)

Note: For previous tax years, see the Life Insurance Company Guaranty Corporation credit (LICGC).

Who is eligible?

Insurers are entitled to claim this nonrefundable credit if they:

are an insurance corporation subject to the Article 33 franchise tax;
paid assessments under the Insurance Law Articles 75 and 77; and
received a certificate of tax credit from the Department of Financial Services.

The Department of Financial Services, in consultation with the Life and Health Insurance Company Guaranty Corporation, issues certificates that provide the amount of tax credit that can be claimed in a given tax year. Two separate certificates may be issued: one for class A assessments and one for class B and C assessments.

How much is the credit?

The credits available to be claimed for tax years 2025 and 2026 are determined as follows:

Credit available to be claimed 2025 and 2026
Tax year 2025 (due in April 2026)	Tax year 2026 (due in April 2027)
The credit is the sum of: The total credit amount from the certificates of tax credit received in 2025. The unused credit available that was carried forward to tax year 2025 and was reported on the 2024 tax year Form CT-33.2, Schedule B, line 15. Do not use credit certificate received in 2026.	The credit is the sum of: The total credit amount from the certificates of tax credit received in 2026. The unused credit available that was carried forward to tax year 2026 and was reported on the 2025 tax year Form CT-33.2, Schedule B, line 15. Do not use credit certificate received in 2027.

Tax year 2024 (due in April 2025)

2024 was the final year of credit under the previous structure. The 2024 Form CT-33.2 allowed insurers to accelerate the utilization of credit earned and unused carryforwards in that single tax year. This ensured taxpayers received the full benefit of credit earned under the previous structure when they filed their 2024 tax return.

Insurers claimed credit for tax year 2024 as follows:

Tax Year 2024 (due in April 2025)
Life insurers	Health insurers
The sum of: 80% of net class A assessments issued in 2023 that were paid by the insurance corporation. 80% of net class A assessments issued in 2022 that were paid by the insurance corporation. The unused credit available that was carried forward to tax year 2024 and was reported on the 2023 tax year Form CT-33.2, Part 2, line 25. Two thirds of line 5 from the 2023 Form CT-33.2. This is the remaining amount of the credit authorized for 2021. One third of line 5 from the 2022 Form CT-33.2. This is the remaining amount of the credit authorized for 2020. Credit certificates received in 2025 were not used for the 2024 tax return.	80% of net class A assessments issued in 2023 that were paid by the insurance corporation. Credit certificates received in 2025 were not used for the 2024 tax return.

How to claim the credit

To claim the credit, complete Form CT-33.2 and submit it with Form CT-33, CT-33-A, or CT-33-NL.

A single year’s class A assessment will produce a tax credit that is claimed for the tax year listed on the certificate.

A single year’s class B or C assessments will produce a tax credit that is claimed in thirds over a three-year period, with certificates for each third issued annually.

When to claim class A assessments
Class A assessments
Year 1	Year 2	Year 3
Assessments paid	Certificate issued for 80% of year 1 assessments	Credit claimed for assessments paid in year 1 using certificate received in year 2

When to claim class B and C assessments
Class B and C assessments
Year 1	Year 2	Year 3	Year 4	Year 5
Assessments paid	Certificate #1 issued for one-third of 80% of Year 1 assessments	Credit claimed using Certificate #1 Certificate #2 issued for one-third of 80% of Year 1 assessments	Credit claimed using Certificate #2 Certificate #3 issued for one-third of 80% of Year 1 assessments	Credit claimed using Certificate #3

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.

Updated: March 6, 2026