Section 56-12-119 - Credit for guaranty fund assessments

Assessments made by the Tennessee insurance guaranty association as provided in § 56-12-107(a)(3) shall be allowed as a credit against premium taxes imposed on member insurers up to twenty-five percent (25%) of the net premium taxes due in any one (1) calendar year, until the aggregate of all assessments paid to the association have been offset by such premium tax credits.Acts 1975, ch. 63, § 2; T.C.A., § 56-4019.