HB 0857CS

CHAMBER ACTION




1The Fiscal Council recommends the following:
2
3     Council/Committee Substitute
4     Remove the entire bill and insert:
5
A bill to be entitled
6An act relating to the insurance premium tax; amending s.
7624.509, F.S.; providing for separate taxation of certain
8title insurance premiums; providing a definition;
9providing an effective date.
10
11Be It Enacted by the Legislature of the State of Florida:
12
13     Section 1.  Subsection (1) of section 624.509, Florida
14Statutes, is amended to read:
15     624.509  Premium tax; rate and computation.--
16     (1)  In addition to the license taxes provided for in this
17chapter, each insurer shall also annually, and on or before
18March 1 in each year, except as to wet marine and transportation
19insurance taxed under s. 624.510, pay to the Department of
20Revenue a tax on insurance premiums, premiums for title
21insurance, or assessments, including membership fees and policy
22fees and gross deposits received from subscribers to reciprocal
23or interinsurance agreements, and on annuity premiums or
24considerations, received during the preceding calendar year, the
25amounts thereof to be determined as set forth in this section,
26to wit:
27     (a)  An amount equal to 1.75 percent of the gross amount of
28such receipts on account of life and health insurance policies
29covering persons resident in this state and on account of all
30other types of policies and contracts, (except annuity policies
31or contracts taxable under paragraph (b) and title insurance
32policy premiums taxable under paragraph (c),) covering property,
33subjects, or risks located, resident, or to be performed in this
34state, omitting premiums on reinsurance accepted, and less
35return premiums or assessments, but without deductions:
36     1.  For reinsurance ceded to other insurers;
37     2.  For moneys paid upon surrender of policies or
38certificates for cash surrender value;
39     3.  For discounts or refunds for direct or prompt payment
40of premiums or assessments; and
41     4.  On account of dividends of any nature or amount paid
42and credited or allowed to holders of insurance policies;
43certificates; or surety, indemnity, reciprocal, or
44interinsurance contracts or agreements.; and
45     (b)  An amount equal to 1 percent of the gross receipts on
46annuity policies or contracts paid by holders thereof in this
47state.
48     (c)  An amount equal to 0.6 percent of the premiums for
49title insurance policies on property located in this state. For
50purposes of this paragraph, the term "premium" has the same
51meaning as provided in s. 627.7711(2).
52     Section 2.  This act shall take effect January 1, 2007.


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