Florida Senate - 2014                          SENATOR AMENDMENT
       Bill No. CS for CS for HB 805
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                Floor: 1/AD/2R         .         Floor: SENA1/C         
             05/01/2014 11:38 AM       .      05/02/2014 03:30 PM       

       Senator Lee moved the following:
    1         Senate Amendment (with title amendment)
    3         Delete line 299
    4  and insert:
    5         Section 5. Effective January 1, 2015, subsection (8) of
    6  section 624.509, Florida Statutes, is amended to read:
    7         624.509 Premium tax; rate and computation.—
    8         (8) From and after July 1, 1980, The premium tax authorized
    9  by this section may shall not be imposed on: upon
   10         (a) Any portion of the title insurance premium, as defined
   11  in s. 627.7711, retained by a title insurance agent or agency.
   12  It is the intent of the Legislature that the continuation of
   13  this exemption be contingent on title insurers adding employees
   14  to their payroll. Between July 1, 2014, and July 1, 2016, title
   15  insurers currently holding a valid certificate of authority from
   16  this state shall, in the aggregate, add a minimum of 600
   17  Florida-based employees to their payroll, as verified by the
   18  Department of Economic Opportunity. The department shall submit
   19  such verification to the President of the Senate and the Speaker
   20  of the House of Representatives by October 1, 2016. This
   21  paragraph expires December 31, 2017, unless reenacted by the
   22  Legislature before that date; or
   23         (b) Receipts of annuity premiums or considerations paid by
   24  holders in this state if the tax savings derived are credited to
   25  the annuity holders. Upon request by the Department of Revenue,
   26  an any insurer availing itself of this provision shall submit to
   27  the department evidence that which establishes that the tax
   28  savings derived have been credited to annuity holders. As used
   29  in this paragraph subsection, the term “holders” includes shall
   30  be deemed to include employers contributing to an employee’s
   31  pension, annuity, or profit-sharing plan.
   32         Section 6. Subsection (2) of section 627.7711, Florida
   33  Statutes, is amended to read:
   34         627.7711 Definitions.—As used in this part, the term:
   35         (2) “Premium” means the charge, as specified by rule of the
   36  commission, which that is made by a title insurer for a title
   37  insurance policy, including the charge for performance of
   38  primary title services by a title insurer or title insurance
   39  agent or agency, and incurring the risks incident to such
   40  policy, under the several classifications of title insurance
   41  contracts and forms, and upon which charge a premium tax is paid
   42  under s. 624.509. As used in this part or in any other law, with
   43  respect to title insurance, the word “premium” does not include
   44  a commission.
   45         Section 7. Except as otherwise expressly provided in this
   46  act, this act shall take effect upon becoming a law.
   48  ================= T I T L E  A M E N D M E N T ================
   49  And the title is amended as follows:
   50         Delete lines 17 - 18
   51  and insert:
   52         conforming cross-references; amending s. 624.509,
   53         F.S.; revising provisions relating to premium taxes
   54         paid by insurers; providing that the tax does not
   55         apply to any portion of the premium retained by a
   56         title insurance agent or agency; providing legislative
   57         intent; requiring certified title insurers to add a
   58         specified number of jobs within a certain time;
   59         providing for expiration; amending s. 627.7711, F.S.;
   60         conforming provisions to changes made by the act;
   61         providing effective dates.