Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 310
       
       
       
       
       
       
                                Ì126702{Î126702                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/11/2014           .                                
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       following:
       
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (8) of section 624.509, Florida
    6  Statutes, is amended to read:
    7         624.509 Premium tax; rate and computation.—
    8         (8) From and after July 1, 1980, The premium tax authorized
    9  by this section may shall not be imposed on: upon
   10         (a) Any portion of the title insurance premium retained by
   11  a title insurance agent or agency; or
   12         (b) Receipts of annuity premiums or considerations paid by
   13  holders in this state if the tax savings derived are credited to
   14  the annuity holders. Upon request by the Department of Revenue,
   15  an any insurer availing itself of this provision shall submit to
   16  the department evidence that which establishes that the tax
   17  savings derived have been credited to annuity holders. As used
   18  in this paragraph subsection, the term “holders” includes shall
   19  be deemed to include employers contributing to an employee’s
   20  pension, annuity, or profit-sharing plan.
   21         Section 2. Subsection (2) of section 627.7711, Florida
   22  Statutes, is amended to read
   23         627.7711 Definitions.—As used in this part, the term:
   24         (2) “Premium” means the charge, as specified by rule of the
   25  commission, which that is made by a title insurer for a title
   26  insurance policy, including the charge for performance of
   27  primary title services by a title insurer or title insurance
   28  agent or agency, and incurring the risks incident to such
   29  policy, under the several classifications of title insurance
   30  contracts and forms, and upon which charge a premium tax is paid
   31  under s. 624.509. As used in this part or in any other law, with
   32  respect to title insurance, the word “premium” does not include
   33  a commission.
   34         Section 3. This act shall take effect July 1, 2014.
   35  
   36  ================= T I T L E  A M E N D M E N T ================
   37  And the title is amended as follows:
   38         Delete everything before the enacting clause
   39  and insert:
   40                        A bill to be entitled                      
   41         An act relating to tax on insurance premiums; amending
   42         s. 624.509, F.S.; revising provisions relating to
   43         premium taxes paid by insurers; providing that the tax
   44         does not apply to any portion of the premium retained
   45         by a title insurance agent or agency; amending s.
   46         627.7711, F.S.; conforming provisions to changes made
   47         by the act; providing an effective date.