185.12  Payment of excise tax credit on similar state excise or license tax.--The tax herein authorized shall in nowise be additional to the similar state excise or license tax imposed by part IV, chapter 624, but the payor of the tax hereby authorized shall receive credit therefor on his or her said state excise or license tax and the balance of said state excise or license tax shall be paid to the Insurance Commissioner and Treasurer as is now provided by law.