New Association Wants Florida to Become a Major Domicile for Captives
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insurance premium tax
Insurance Premium Taxes Under Discussion in Florida and Connecticut
Policymakers in Florida and Connecticut appear to be moving in different directions as they evaluate the impact of insurance premium taxes in their respective states. Florida law currently provides for a salary credit against the insurance premium tax, which serves to partially offset insurers’ premium tax obligations based upon the salaries they pay to Florida […]
Department of Revenue Issues Tax Credit TIP
The Florida Department of Revenue has issued Tax Information Publication (TIP) 15ADM-03 relating to the community contribution tax credit. Insurers may be interested in the tax credit against the insurance premium tax. The credit also may be taken against the sales and use tax and the corporate income tax. The text of the TIP is […]
Department of Revenue Issues Guidance on FIGA Recoupments
The Florida Department of Revenue has issued guidance to insurers relating to their recoupments of Florida Insurance Guaranty Association (FIGA) assessments. Due to a law change passed in the 2015 regular session, recoupments of both regular and emergency FIGA assessments will not be subject to the insurance premium tax. The Department of Revenue’s guidance notes, […]
Premium Tax Reporting Moves to Electronic Format
The Florida Department of Revenue is moving forward with rulemaking that will require insurers to submit premium tax returns electronically. The new electronic system will be in place by the time returns are due in 2011, although insurers will be able to request waivers if they are unable to comply. The Department of Revenue has […]