Senate Bill 1926

    Florida Senate - 1998                                  SB 1926

    By Senator Holzendorf





    2-865-98

  1                      A bill to be entitled

  2         An act relating to insurance premium or income

  3         tax credits; creating s. 631.7051, F.S.;

  4         allowing certain insurers to offset certain

  5         assessments against premium or income tax or

  6         other liabilities to the state; providing an

  7         effective date.

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  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Section 631.7051, Florida Statutes, is

12  created to read:

13         631.7051  Premium or income tax credits for assessments

14  paid.--

15         (1)  A member insurer may offset against its premium or

16  income tax liability or liabilities to this state any

17  assessment described in s. 631.321 or s. 631.57(3)(a), except

18  those assessments relating to workers' compensation and

19  employer's liability insurance to the extent of 5 percent of

20  the amount of such assessment for each of the 20 calendar

21  years following the year in which such assessment was paid. In

22  the event a member insurer should cease doing business, all

23  uncredited assessments may be credited against its premium or

24  corporate income tax liability or liabilities for the year it

25  ceases doing business.

26         (2)  Any sums acquired by refund pursuant to s. 631.321

27  or s. 631.57(3)(a) from the association which have theretofore

28  been written off by contributing insurers and offset against

29  premium or corporate income taxes as provided in subsection

30  (1), and which are not needed for purposes of this part, shall

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1998                                  SB 1926
    2-865-98




  1  be paid by the association to the department for deposit with

  2  the Treasurer to the credit of the General Revenue Fund.

  3         (3)  The first year in which a member insurer may use

  4  these credits is 1999 to be included in the premium tax

  5  calculations for calendar year 1998.

  6         Section 2.  This act shall take effect July 1, 1998.

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  9                          SENATE SUMMARY

10    Allows certain insurers to use amounts paid for certain
      assessments as offsets against premium or income tax or
11    other liabilities to the state.

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