SECTION 1. Section 20 of chapter 63 of the General Laws is hereby amended by inserting after the third paragraph the following paragraph:-
Domestic life insurers which pay retaliatory taxes to other jurisdictions may claim a credit against the tax imposed by this section. The amount of the credit shall be 15% of any retaliatory tax liability incurred pursuant to the laws of any other state in which the life insurer transacts business. The amount of the credit shall increase 5% per annual filing, until reaching 50% of any retaliatory tax liability.
SECTION 2. Section one shall apply with respect to taxable years beginning January 1, 2015.
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