Florida Senate - 2014 COMMITTEE AMENDMENT
Bill No. SB 310
Senate . House
Comm: RCS .
1 Senate Amendment (with title amendment)
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Subsection (8) of section 624.509, Florida
6 Statutes, is amended to read:
7 624.509 Premium tax; rate and computation.—
From and after July 1, 1980, The premium tax authorized
9 by this section may shall not be imposed on: upon
10 (a) Any portion of the title insurance premium retained by
11 a title insurance agent or agency; or
12 (b) Receipts of annuity premiums or considerations paid by
13 holders in this state if the tax savings derived are credited to
14 the annuity holders. Upon request by the Department of Revenue,
15 an any insurer availing itself of this provision shall submit to
16 the department evidence that which establishes that the tax
17 savings derived have been credited to annuity holders. As used
18 in this paragraph subsection, the term “holders” includes shall
19 be deemed to include employers contributing to an employee’s
20 pension, annuity, or profit-sharing plan.
21 Section 2. Subsection (2) of section 627.7711, Florida
22 Statutes, is amended to read
23 627.7711 Definitions.—As used in this part, the term:
24 (2) “Premium” means the charge, as specified by rule of the
25 commission, which that is made by a title insurer for a title
26 insurance policy, including the charge for performance of
27 primary title services by a title insurer or title insurance
28 agent or agency, and incurring the risks incident to such
29 policy, under the several classifications of title insurance
30 contracts and forms , and upon which charge a premium tax is paid
31 under s. 624.509. As used in this part or in any other law, with
32 respect to title insurance, the word “premium” does not include
33 a commission.
34 Section 3. This act shall take effect July 1, 2014.
36 ================= T I T L E A M E N D M E N T ================
37 And the title is amended as follows:
38 Delete everything before the enacting clause
39 and insert:
40 A bill to be entitled
41 An act relating to tax on insurance premiums; amending
42 s. 624.509, F.S.; revising provisions relating to
43 premium taxes paid by insurers; providing that the tax
44 does not apply to any portion of the premium retained
45 by a title insurance agent or agency; amending s.
46 627.7711, F.S.; conforming provisions to changes made
47 by the act; providing an effective date.