Florida Senate - 2024 COMMITTEE AMENDMENT Bill No. SB 7074 Ì134542ÇÎ134542 LEGISLATIVE ACTION Senate . House Comm: RCS . 02/27/2024 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Appropriations (Ingoglia) recommended the following: 1 Senate Amendment to Amendment (724408) (with title 2 amendment) 3 4 Delete lines 2207 - 2280 5 and insert: 6 premium, as defined in s. 627.403. 7 (b) For a policy providing residential coverage of $750,000 8 or less on a dwelling, the amount charged for the State Fire 9 Marshal regulatory assessment under s. 624.515. 10 (c) For a policy providing residential coverage of $750,000 11 or less on a dwelling, the amount of assessment levied pursuant 12 to s. 631.57(3)(a) and (e). 13 (d) For a policy, contract, or endorsement providing 14 personal or commercial lines coverage for the peril of flood or 15 excess coverage for the peril of flood on any structure or the 16 contents of personal property contained therein, an amount equal 17 to 1.75 percent of the premium, as defined in s. 627.403. As 18 used in this paragraph, the term “flood” has the same meaning as 19 provided in s. 627.715(1)(b). 20 21 For the purposes of this section, residential coverage excludes 22 tenant coverage. 23 (2) The deductions under this section apply to policies 24 that provide coverage for a 12-month period with an effective 25 date between October 1, 2024, and September 30, 2025. The 26 deductions amount must be separately stated on the policy 27 declarations page. 28 (3) When reporting policy premiums for purposes of 29 computing taxes levied under s. 624.509, an insurer must report 30 the full policy premium value before applying deductions under 31 this section. The deductions provided to policyholders in 32 subsection (1) do not reduce the direct written premium of the 33 insurer for any purposes. 34 (4) For the taxable years beginning on January 1, 2024, and 35 January 1, 2025, there is allowed a credit of 100 percent of the 36 amount of deductions provided to policyholders pursuant to 37 subsection (1) against any tax due under s. 624.509(1) after all 38 other credits and deductions have been taken in the order 39 provided in s. 624.509(7). 40 (5) An insurer claiming a credit against premium tax 41 liability under this section is not required to pay any 42 additional retaliatory tax levied under s. 624.5091 as a result 43 of claiming such credit. Section 624.5091 does not limit the 44 credit available to insurers in any manner. 45 (6) If the credit provided for under subsection (4) is not 46 fully used in any one taxable year because of insufficient tax 47 liability, the unused amount may be carried forward for a period 48 not to exceed 10 years. 49 (7) Every insurer required to provide a premium deduction 50 under this section must include all of the following information 51 with its quarterly and annual statements under s. 624.424: 52 (a) The number of policies that received a deduction under 53 this section during the period covered by the statement. 54 (b) The total amount of deductions provided by the insurer 55 during the period covered by the statement. 56 (c) The total premium related to insurance policies 57 providing residential coverage of $750,000 or less on a 58 dwelling. 59 (d) The total premium related to policies, contracts, or 60 endorsements providing personal or commercial lines coverage for 61 the peril of flood or excess coverage for the peril of flood on 62 any structure or the contents of personal property contained 63 therein. 64 (8) The office must include the same information required 65 under subsection (7) in the reports required under s. 624.315. 66 (9) In addition to its existing audit and investigation 67 authority, the Department of Revenue may perform any additional 68 financial and technical audits and investigations, including 69 examining the accounts, books, and records of an insurer 70 claiming a credit under subsection (4), which are necessary to 71 verify the information included in the tax return and to ensure 72 compliance with this section. The office shall provide technical 73 assistance when requested by the Department of Revenue on any 74 technical audits or examinations performed pursuant to this 75 section. 76 (10) In addition to its existing examination authority and 77 duties under s. 624.316, the office shall examine the 78 information required to be reported under subsection (7) and 79 shall take corrective measures as provided in ss. 624.310(5) and 80 624.4211 for any insurer not in compliance with this section. 81 (11) The Department of Revenue and the office are 82 authorized, and all conditions are deemed met, to adopt 83 emergency rules pursuant to s. 120.54(4) to implement the 84 provisions of this section. Notwithstanding any other provision 85 of law, emergency rules adopted pursuant to this subsection are 86 effective for 6 months after adoption and may be renewed during 87 the pendency of procedures to adopt permanent rules addressing 88 the subject of the emergency rules. 89 (12) This section is repealed December 31, 2036. 90 91 ================= T I T L E A M E N D M E N T ================ 92 And the title is amended as follows: 93 Delete line 2790 94 and insert: 95 reporting requirements; providing that such deductions 96 do not reduce insurers’ direct written premiums; 97 providing for a credit for a