SENATE AMENDMENT

    Bill No. SB 2454

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Geller moved the following substitute for amendment

12  (613386):

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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 Florida resident with active,

19  residential electric utility service established by May 1,

20  1998, shall be provided with a $35 credit, or an amount for

21  which funds are equally available, toward electric utility

22  service. The method for the award of this credit shall be as

23  follows:

24         (1)  The Florida Public Service Commission shall obtain

25  from each electric utility provider regulated by the

26  Commission a certified list of all electric utility customers

27  with active service established on or before May 1, 1998, by

28  June 1, 1998.

29         (2)  Upon receipt of these lists, the Commission shall

30  calculate the amount of funds necessary per electric utility

31  company to accomplish the provision of this section by

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                                                  SENATE AMENDMENT

    Bill No. SB 2454

    Amendment No.    





 1  multiplying the number of customers by $35.

 2         (3)  The Commission shall produce a list of all public,

 3  private and municipal electric utility companies under their

 4  regulation detailing the calculated amount of funds necessary

 5  to provide the $35 credit and certify this list to the

 6  Comptroller of the State of Florida, the President of the

 7  Senate, and the Speaker of the House of Representatives by

 8  June 1, 1998.

 9         (4)  The Comptroller shall distribute funds to each

10  individual public, private and municipal electric utility

11  company based on the list submitted by the Commission on or

12  before July 1, 1998. The Comptroller shall make appropriate

13  adjustments as funds are available to ensure an equal credit

14  to each specified electric utility customer as provided by

15  this section.

16         (5)  The Commission shall direct each public, private

17  and municipal electric utility company to provide the credit

18  toward the amount due for the service period ending on or

19  before August 30, 1998, to each residential electric utility

20  customer as provided by this section, without exception.

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22  It is the intent of the Legislature that this one-time credit

23  not require any increase in current utility rates as

24  established at the effective date of this section.

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

26  Florida Statutes, does not apply to premiums received by

27  insurers in calendar year 1998 for residential property

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

29  term "residential property insurance policies" has the same

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

31  215.555(2), Florida Statutes.

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                                                  SENATE AMENDMENT

    Bill No. SB 2454

    Amendment No.    





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

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

 3  additional retaliatory tax levied pursuant to section

 4  624.5091, Florida Statutes, as a result of claiming such

 5  credit.

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

 7  insurer writing residential property insurance policies in

 8  this state shall make a rate filing indicating the reduction

 9  in expenses resulting from the exemption from the premium tax

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

11  include this factor in a rate filing that indicates additional

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

13  filing.

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

15  law.

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

19  And the title is amended as follows:

20         Delete everything before the enacting clause

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22  and insert:

23                      A bill to be entitled

24         An act relating to consumer financial relief;

25         providing for an electric utilities credit

26         under certain conditions; exempting residential

27         property insurance from certain taxes;

28         requiring rate filings that indicate reduced

29         expense resulting from such tax exemption;

30         providing an effective date.

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