Florida Senate Appropriations Committee to Consider Bill Eliminating Insurance Industry Tax Credit for Employee Salaries at March 28 Meeting
Mar 26, 2013
The Florida Senate Appropriations Committee (“Committee”) will consider legislation (SPB 7132) this week that would eliminate a 30-year-old tax break allowing insurance companies to claim tax credits equal to 15 percent of salaries they pay to their Florida employees.
The Committee will meet Thursday, March 28, 2013 to consider repealing the tax credit, which would take effect upon the bill becoming a law and would apply to the 2013 insurance premium tax year.
Under SPB 7132, the estimated $220 million in savings from repealing the tax break would go toward partially eliminating a vehicle tag registration fee increase passed by the Legislature in 2009. The reduction in fees would become effective September 1, if enacted.
To view the bill text, click here.
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