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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 […]
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 […]
A $105 million tax cut package passed by the legislature on the last day of session includes a break from sales taxes for consumers purchasing hurricane preparedness supplies as the 2014 hurricane season approaches. Consumers buying hurricane supplies between May 31 and June 8 will be able to do so free from sales tax, assuming […]
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 […]
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 […]
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 […]
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 […]
SB 1832 relating to repealing the insurance industry’s salary tax credit against the premium tax came up today in the Senate and passed 39-0. The bill’s sponsor, Senator Negron, discussed the rationale for the amendment, which essentially is to return the money to the citizens of Florida in the form of lower vehicle registration fees and not […]
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 […]
