SENATE AMENDMENT

    Bill No. SB 2454

    Amendment No.    

                            CHAMBER ACTION
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11  Senator Geller moved the following substitute for amendment

12  (912750):

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14         Senate Amendment (with title amendment) 

15         Delete everything after the enacting clause,

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17  and insert:

18         Section 1.  Each person who, as of July 1, 1997 holds a

19  homestead exemption under Florida law, with a just value of

20  $150,000 or less or is a registered owner of a mobile home

21  licensed pursuant to s. 320.08(11) shall be entitled to a tax

22  rebate of $35 as set forth herein; provided, if a property to

23  which this subsection applies is owned jointly by one or more

24  persons, the joint owners shall be treated as one person for

25  purposes of this section.  The rebate will be sent to

26  qualified persons as soon as practical by U.S. Mail, first

27  class presort.

28         Section 2.  (1)  The tax imposed by section 624.509,

29  Florida Statutes, does not apply to premiums received by

30  insurers in calendar year 1998 for residential property

31  insurance policies. For the purposes of this subsection, the

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                                                  SENATE AMENDMENT

    Bill No. SB 2454

    Amendment No.    





 1  term "residential property insurance policies" has the same

 2  meaning as the term "covered policy" as defined in section

 3  215.555(2), Florida Statutes.

 4         (2)  An insurer exempt from premium tax li ability

 5  under subsection (1) shall not be required to pay any

 6  additional retaliatory tax levied pursuant to section

 7  624.5091, Florida Statutes, as a result of claiming such

 8  credit.

 9         Section 3.  Within 60 days after January 1, 1999, each

10  insurer writing residential property insurance policies in

11  this state shall make a rate filing indicating the reduction

12  in expenses resulting from the exemption from the premium tax

13  and retaliatory tax provided in section 2. An insurer may

14  include this factor in a rate filing that indicates additional

15  factors, as authorized by laws and rules applying to such rate

16  filing.

17         Section 4.  This act shall take effect upon becoming a

18  law.

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21  ================ T I T L E   A M E N D M E N T ===============

22  And the title is amended as follows:

23         Delete everything before the enacting clause

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25  and insert:

26                      A bill to be entitled

27         An act relating to consumer financial relief;

28         providing for a rebate of ad valorem taxes

29         under certain conditions; exempting residential

30         property insurance from certain taxes;

31         requiring rate filings that indicate reduced

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                                                  SENATE AMENDMENT

    Bill No. SB 2454

    Amendment No.    





 1         expense resulting from such tax exemption;

 2         providing an effective date.

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