Senate Bill sb0376c1

    Florida Senate - 2003                            CS for SB 376

    By the Committee on Appropriations; and Senator Clary





    309-2079-03

  1                      A bill to be entitled

  2         An act relating to taxation of insurance

  3         premiums; amending s. 626.932, F.S.; changing

  4         the distribution of the surplus lines tax;

  5         amending s. 626.938, F.S.; changing the

  6         distribution of the tax on independently

  7         procured coverages; providing an effective

  8         date.

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

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12         Section 1.  Subsection (5) of section 626.932, Florida

13  Statutes, is amended to read:

14         626.932  Surplus lines tax.--

15         (5)  The department shall deposit 24.3 55 percent of

16  all taxes collected under this section to the credit of the

17  Insurance Commissioner's Regulatory Trust Fund. Seventy-five

18  and seven-tenths Forty-five percent of all taxes collected

19  under this section shall be deposited into the General Revenue

20  Fund.

21         Section 2.  Subsection (7) of section 626.938, Florida

22  Statutes, is amended to read:

23         626.938  Report and tax of independently procured

24  coverages.--

25         (7)  The department shall deposit 24.3 55 percent of

26  all taxes and interest collected under this section to the

27  credit of the Insurance Commissioner's Regulatory Trust Fund.

28  Seventy-five and seven-tenths Forty-five percent of all taxes

29  and interest collected under this section shall be deposited

30  into the General Revenue Fund.

31         Section 3.  This act shall take effect July 1, 2003.

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    Florida Senate - 2003                            CS for SB 376
    309-2079-03




 1          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 2                              SB 376

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    1.   Substantially amends ss. 626.932 and 626.938, F.S., to
 5       change the distribution percentages of taxes collected on
         surplus lines insurance premiums.
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    2.   Makes a technical modification changing the name of the
 7       Insurance Commissioner's Regulatory Trust Fund to the
         Insurance Commissioner's Trust Fund.
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CODING: Words stricken are deletions; words underlined are additions.