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