Property Casualty Insurers Association of America (PCI): Florida Insurance Premium Tax Credit Repeal Bill Defeated But Credit Repeal May Re-Emerge
Apr 26, 2013
The Property Casualty Insurers Association of America issued the following report today, April 26, 2013:
This morning the House Appropriations Committee dealt a blow to SB 1832 – the premium tax credit repeal bill. The Appropriations Committee, which met this morning in an extraordinary hearing solely to consider SB 1832, successfully amended the measure to strike the portion of the bill eliminating the premium tax credit based upon salaries paid to employees in the state. Speaker-Designate and Vice Chair of the Appropriations Committee, Steve Crisafulli, ran a delete-all amendment to the bill that effectively eliminated the credit repeal while still providing a phased-in decrease to the motor vehicle registration fees that were increased during 2009. The amendment is available here.
The amendment passed on a near unanimous voice vote. After the bill was amended, certain Representatives stated their support for the measure during debate. The bill will now likely go the the House Floor for consideration by the full House of Representatives. If approved, the measure would still have to return for their concurrence in the amendment, which likely would not occur due to their recent unanimous passage of the measure while the tax credit portion of the bill was still intact.
Although a significant victory as it relates to SB 1832, with seven days left in session PCI anticipates the Senate will amend the tax credit repeal provision to numerous other measures, including the industry’s non-controversial omnibus insurance package – HB 635 and SB 1046.
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