News & Updates

premium tax

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 […]

Continue Reading →

Senate President Discusses Return of Salary Tax Credit Repeal Effort

Senate President Discusses Return of Salary Tax Credit Repeal Effort

Senate President Don Gaetz recently discussed the possibility that the legislature could renew efforts in 2014 to repeal the salary tax credit available to insurers for employees hired within Florida.  The Senate tried to repeal the salary tax credit this year and use the increased revenues to reduce motor vehicle registration fees by $12 per registration.  Gaetz […]

Continue Reading →

Salary Tax Credit Survives

Salary Tax Credit Survives

The status of the salary tax credit against insurers’ premium tax obligations became one of the highest profile insurance issues of the 2013 legislative session.  The salary tax credit allows insurers to deduct 15% of the compensation they pay to Florida-based employees against the premium tax obligations they otherwise would pay.  The credit is designed […]

Continue Reading →

Want Job Creation? A Funny Way of Showing It…

Want Job Creation?  A Funny Way of Showing It…

Job creation has been at the forefront of Florida politics over the last few years.  Governor Rick Scott campaigned on a primary goal of pursuing jobs and creating new employment opportunities for Floridians at a time when the economy was languishing.  Recent unemployment numbers show these results have been successful–  the jobless rate has been […]

Continue Reading →

NIMA Adopts “Kentucky Proposal”

NIMA Adopts “Kentucky Proposal”

NIMA announced in recent days that it has adopted a premium allocation method for distributing surplus lines premium taxes on casualty insurance.  A NIMA release indicates that the newly adopted method will streamline the allocation and distribution of surplus lines premium taxes for surplus lines brokers and member states.  NIMA believes it remains on track to launch its Surplus Lines […]

Continue Reading →

Governor Nixes FHCF Premium Tax Program

Governor Nixes FHCF Premium Tax Program

Governor Rick Scott has vetoed HB 5505, which would have created a program by which insurers could prepay premium taxes in exchange for future credits, with the proceeds being used to create liquidity for the Florida Hurricane Catastrophe Fund (FHCF).  The Governor stated in his veto message that he would not approve the bill because […]

Continue Reading →

DOR Updates Electronic Database for Reporting Premium Taxes

DOR Updates Electronic Database for Reporting Premium Taxes

The Florida Department of Revenue (“DOR”) has issued a Taxpayer Information Publication (TIP #11B8-01) describing changes to its electronic address/jurisdiction database.  Insurance companies use these database files for allocating premium tax to the various firefighters’ and police officers’ pension trust funds and local taxing districts. Insurers can register at http://geotax.state.fl.us to download the address/jurisdiction database […]

Continue Reading →

Premium Tax Reporting Moves to Electronic Format

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 […]

Continue Reading →