| 1 | Representative(s) Mahon offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Remove line 276, insert: |
| 5 | Section 6. Effective January 1, 2007, subsection (1) of |
| 6 | section 624.509, Florida Statutes, is amended to read: |
| 7 | 624.509 Premium tax; rate and computation.-- |
| 8 | (1) In addition to the license taxes provided for in this |
| 9 | chapter, each insurer shall also annually, and on or before |
| 10 | March 1 in each year, except as to wet marine and transportation |
| 11 | insurance taxed under s. 624.510, pay to the Department of |
| 12 | Revenue a tax on insurance premiums, premiums for title |
| 13 | insurance, or assessments, including membership fees and policy |
| 14 | fees and gross deposits received from subscribers to reciprocal |
| 15 | or interinsurance agreements, and on annuity premiums or |
| 16 | considerations, received during the preceding calendar year, the |
| 17 | amounts thereof to be determined as set forth in this section, |
| 18 | to wit: |
| 19 | (a) An amount equal to 1.75 percent of the gross amount of |
| 20 | such receipts on account of life and health insurance policies |
| 21 | covering persons resident in this state and on account of all |
| 22 | other types of policies and contracts, (except annuity policies |
| 23 | or contracts taxable under paragraph (b) and title insurance |
| 24 | policies or contracts written through affiliated and |
| 25 | nonaffiliated agencies taxable under paragraph (c),) covering |
| 26 | property, subjects, or risks located, resident, or to be |
| 27 | performed in this state, omitting premiums on reinsurance |
| 28 | accepted, and less return premiums or assessments, but without |
| 29 | deductions: |
| 30 | 1. For reinsurance ceded to other insurers; |
| 31 | 2. For moneys paid upon surrender of policies or |
| 32 | certificates for cash surrender value; |
| 33 | 3. For discounts or refunds for direct or prompt payment |
| 34 | of premiums or assessments; and |
| 35 | 4. On account of dividends of any nature or amount paid |
| 36 | and credited or allowed to holders of insurance policies; |
| 37 | certificates; or surety, indemnity, reciprocal, or |
| 38 | interinsurance contracts or agreements.; and |
| 39 | (b) An amount equal to 1 percent of the gross receipts on |
| 40 | annuity policies or contracts paid by holders thereof in this |
| 41 | state. |
| 42 | (c) An amount equal to 1.75 percent of the gross receipts |
| 43 | on title insurance written through affiliated and nonaffiliated |
| 44 | agencies, less the portion of the gross receipts retained by or |
| 45 | paid under contract to the affiliated and nonaffiliated title |
| 46 | insurance agents. The reduction in the insurer's total amount of |
| 47 | title insurance premium gross receipts received through |
| 48 | affiliated and nonaffiliated agencies may not exceed the |
| 49 | following percentages of the total title insurance premium gross |
| 50 | receipts received by the insurer through affiliated and |
| 51 | nonaffiliated agencies: |
| 52 | 1. For 2007, 20 percent. |
| 53 | 2. For 2008, 45 percent. |
| 54 | 3. For 2009 and subsequent years, 70 percent. |
| 55 | Section 7. Effective January 1, 2007, subsection (2) of |
| 56 | section 627.7711, Florida Statutes, is amended to read: |
| 57 | 627.7711 Definitions.--As used in this part, the term: |
| 58 | (2) "Premium" means the charge, as specified by rule of |
| 59 | the commission, that is made by a title insurer for a title |
| 60 | insurance policy, including the charge for performance of |
| 61 | primary title services by a title insurer or title insurance |
| 62 | agent or agency, and incurring the risks incident to such |
| 63 | policy, under the several classifications of title insurance |
| 64 | contracts and forms, and upon which charge a premium tax is paid |
| 65 | under s. 624.509. As used in this part or in any other law, with |
| 66 | respect to title insurance, the word "premium" does not include |
| 67 | a commission. |
| 68 | Section 8. Except as otherwise expressly provided in this |
| 69 | act, this act shall take effect July 1, 2006. |
| 70 |
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| 71 | ======= T I T L E A M E N D M E N T ======= |
| 72 | Remove line(s) 6-25 and insert: |
| 73 | An act relating to state taxes; providing a short title; |
| 74 | providing legislative findings and purpose; amending s. |
| 75 | 212.08, F.S.; deleting an annual limitation on an |
| 76 | exemption from the sales tax for certain machinery and |
| 77 | equipment used to increase productive output; deleting an |
| 78 | exemption for machinery and equipment used to expand |
| 79 | certain printing manufacturing facilities or plant units; |
| 80 | deleting a limitation on application of the exemption for |
| 81 | machinery and equipment purchased for use in phosphate or |
| 82 | other solid minerals severance, mining, or processing |
| 83 | operations by way of a prospective credit; deleting an |
| 84 | annual limitation on an exemption from the sales tax for |
| 85 | certain machinery and equipment purchased under a federal |
| 86 | procurement contract; repealing s. 212.0805, F.S., |
| 87 | relating to qualifications for the exemption and credit |
| 88 | for machinery and equipment purchased by an expanding |
| 89 | business for use in phosphate or other solid minerals |
| 90 | severance, mining, or processing operations; providing an |
| 91 | appropriation; amending s. 624.509, F.S.; providing for |
| 92 | separate taxation of certain title insurance gross |
| 93 | receipts; providing limitations; amending s. 627.7711, |
| 94 | F.S.; revising the definition of the term "premium"; |
| 95 | providing effective dates. |