News & Updates

premium tax

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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Vehicle Registration Fee Cuts Set to Pass

Vehicle Registration Fee Cuts Set to Pass

Later today Governor Rick Scott is expected to sign a bill that will reduce vehicle registration fees that were increased in 2009.  Unlike last year, however, the fee rollback is not tied to a repeal of insurers’ salary credit against the premium tax.  When the proposal surfaced last year, some legislators sought to fund it by eliminating the credit insurers […]

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Vehicle Registration Fee Rollback Resurfaces

Vehicle Registration Fee Rollback Resurfaces

Senate Appropriations Chairman Joe Negron has filed a proposal (SB 156) that would reduce Florida’s motor vehicle registration fees.  The proposal as initially filed does not affect the salary tax credit that applies to Florida’s insurance premium tax.  This is a key distinction between the 2014 proposal and the proposal as considered in the 2013 […]

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OIR Responds to Findings in Operational Audit

OIR Responds to Findings in Operational Audit

Florida’s Auditor General recently issued Report 2014-009 relating to its operational audit of the Florida Office of Insurance Regulation.  The Office of Insurance Regulation in turn has provided its responses to the audit findings.  The report identified the following four findings: Finding No. 1:  Office policies and procedures should be enhanced to require that the […]

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