Governor Scott Cites Florida Hurricane Catastrophe Fund Tax Credit Program as Reason for Workers’ Comp Bill (HB 5505) Veto
Apr 23, 2012
On Friday, April 20, 2012, Governor Rick Scott vetoed HB 5505. The bill allowed for the electronic submission of workers’ compensation exemption applications; repealed the requirement for the Department of Financial Services to prepare an annual report on the administration of the workers’ compensation laws of the prior year; amends Florida’s consumer finance laws to provide for adjustments to delinquency chargers for late payments on loans; and authorized the Governor, at his option, to direct the State Board of Administration (“SBA”) to create the Florida Insurance Premium Tax Pre-Payment Program in order to provide an additional funding mechanism for the Florida Hurricane Catastrophe Fund (“FHCF”). HB 5505 would have allowed the SBA to sell up to $1.5 billion in tax credits that could be applied to reduce future tax liabilities.
In his veto letter, which is attached in PDF format, Governor Scott stated that he supported the measures in the bill that implement efficiency improvements within the Department of Financial Services. He stated that he was vetoing the bill because the language relating to the creation of the Florida Insurance Premium Tax Pre-Payment Program did not emerge until late in the budget conference, and the issue was not fully vetted in the committee process.
The provisions relating to the electronic submission of workers’ compensation exemption applications also are included in CS/HB 941 by Representative Doug Holder which was sent to the Governor on April 20, 2012.
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