News & Updates

premium tax

OIR Initiates Premium Tax Discount Rulemaking

OIR Initiates Premium Tax Discount Rulemaking

The Florida Office of Insurance Regulation (OIR) has published draft rule 69O-170.013 implementing the premium tax discount requirement adopted in the 2024 legislative session. The draft rule is substantially similar to emergency rule 69OER24-1 previously adopted by OIR. The Florida legislature granted emergency rulemaking authority to both OIR and the Department of Revenue to administer […]

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OIR Adopts Emergency Rule Implementing Premium Tax Discounts

OIR Adopts Emergency Rule Implementing Premium Tax Discounts

The Florida Office of Insurance Regulation (OIR) has adopted emergency rule 69OER24-1 implementing a law passed at the end of the 2024 session providing premium discounts for residential policyholders. Under the new law, policyholders will receive discounts in amounts equal to the state premium tax and fire marshal assessments. Insurers will recover the discount amounts […]

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Legislature Passes Short-Term Premium Tax Relief

Legislature Passes Short-Term Premium Tax Relief

As the 2024 legislative session neared its close, the Florida legislature passed temporary premium tax relief on policies covering residential homestead property as part of House Bill 7073 (HB 7073). The bill will result in savings to consumers as the Florida property insurance market continues to adjust to reforms passed in late 2022 and early […]

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Salary Credit Against Premium Tax Remains Intact

Salary Credit Against Premium Tax Remains Intact

The 2017 legislative session might be best remembered for key initiatives that did not pass–  the legislature did not address the “assignment of benefits” issue and the increases to workers’ compensation insurance rates following recent Florida Supreme Court opinions.  The legislature also did not act with respect to Florida’s premium tax credit for salaries paid to […]

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Swapping Salary Credit for Lower Communications Tax is an Unfortunate Trade

Swapping Salary Credit for Lower Communications Tax is an Unfortunate Trade

The Florida Senate is considering a proposal (SB 378) that would repeal the salary credit against the insurance premium tax, and instead cut the communications tax that applies to cell phone and cable TV bills. The idea is give consumers broad-based tax relief through small reductions in their cell phone and cable bills, while also […]

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Insurance Premium Taxes Under Discussion in Florida and Connecticut

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 […]

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Department of Revenue Issues TIP on FIGA Assessments

Department of Revenue Issues TIP on FIGA Assessments

The Florida Department of Revenue has issued TIP #16B8-02 advising of a change in Florida’s premium tax laws effective July 1, 2016.  The TIP specifies that assessments levied by the Florida Insurance Guaranty Association will no longer be subject to the insurance premium tax.  The TIP reflects changes to section 631.914, Florida Statutes, that were […]

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Department of Revenue Issues Tax Credit TIP

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 […]

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Department of Revenue Issues Guidance on FIGA Recoupments

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, […]

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