HB 857

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

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