Florida Senate - 2014 SENATOR AMENDMENT
Bill No. CS for CS for HB 805
Ì543720xÎ543720
LEGISLATIVE ACTION
Senate . House
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Floor: 1/AD/2R . Floor: SENA1/C
05/01/2014 11:38 AM . 05/02/2014 03:30 PM
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Senator Lee moved the following:
1 Senate Amendment (with title amendment)
2
3 Delete line 299
4 and insert:
5 Section 5. Effective January 1, 2015, subsection (8) of
6 section 624.509, Florida Statutes, is amended to read:
7 624.509 Premium tax; rate and computation.—
8 (8) 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, as defined
11 in s. 627.7711, retained by a title insurance agent or agency.
12 It is the intent of the Legislature that the continuation of
13 this exemption be contingent on title insurers adding employees
14 to their payroll. Between July 1, 2014, and July 1, 2016, title
15 insurers currently holding a valid certificate of authority from
16 this state shall, in the aggregate, add a minimum of 600
17 Florida-based employees to their payroll, as verified by the
18 Department of Economic Opportunity. The department shall submit
19 such verification to the President of the Senate and the Speaker
20 of the House of Representatives by October 1, 2016. This
21 paragraph expires December 31, 2017, unless reenacted by the
22 Legislature before that date; or
23 (b) Receipts of annuity premiums or considerations paid by
24 holders in this state if the tax savings derived are credited to
25 the annuity holders. Upon request by the Department of Revenue,
26 an any insurer availing itself of this provision shall submit to
27 the department evidence that which establishes that the tax
28 savings derived have been credited to annuity holders. As used
29 in this paragraph subsection, the term “holders” includes shall
30 be deemed to include employers contributing to an employee’s
31 pension, annuity, or profit-sharing plan.
32 Section 6. Subsection (2) of section 627.7711, Florida
33 Statutes, is amended to read:
34 627.7711 Definitions.—As used in this part, the term:
35 (2) “Premium” means the charge, as specified by rule of the
36 commission, which that is made by a title insurer for a title
37 insurance policy, including the charge for performance of
38 primary title services by a title insurer or title insurance
39 agent or agency, and incurring the risks incident to such
40 policy, under the several classifications of title insurance
41 contracts and forms, and upon which charge a premium tax is paid
42 under s. 624.509. As used in this part or in any other law, with
43 respect to title insurance, the word “premium” does not include
44 a commission.
45 Section 7. Except as otherwise expressly provided in this
46 act, this act shall take effect upon becoming a law.
47
48 ================= T I T L E A M E N D M E N T ================
49 And the title is amended as follows:
50 Delete lines 17 - 18
51 and insert:
52 conforming cross-references; amending s. 624.509,
53 F.S.; revising provisions relating to premium taxes
54 paid by insurers; providing that the tax does not
55 apply to any portion of the premium retained by a
56 title insurance agent or agency; providing legislative
57 intent; requiring certified title insurers to add a
58 specified number of jobs within a certain time;
59 providing for expiration; amending s. 627.7711, F.S.;
60 conforming provisions to changes made by the act;
61 providing effective dates.