For the second time in two years, the Commonwealth Court has ruled that Pennsylvania insurance companies are entitled to a tax credit against fixed annuity assessments they’ve paid to the Pennsylvania Life and Health Insurance Guaranty Association. Only this time the court has also determined how that credit should be calculated.
In Allstate Life Insurance Co. v. Commonwealth , a split five-judge panel voted 3-2 to vacate a resettlement order of the Board of Finance and Revenue that denied tax credit to Allstate for the percentage of fixed annuity premiums it paid as part of its 1992 assessments by the Guaranty Association.
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