FIC: GILTI and Other Corporate Tax Changes Addressed By Florida Department Of Revenue

By: Katrina Callaway, FIC General Counsel Last week, the Florida Department of Revenue (DOR), issued two Tax Information Publications (TIPs) about recent legislative changes to the Florida corporate income tax.   TIP number 19C01-02 covers Florida’s legislation to adopt the current Internal Revenue Code, also known as the “piggyback” bill.  It also covers Florida’s legislation…

FIC: Insurance Premium Tax Info On Tax Credits And Health Shared Savings Released By Dept. of Revenue

By:  Katrina Callaway, FIC General Counsel The Florida Department of Revenue recently released a Tax Information Publication (TIP) on 2019 legislative changes that impact the insurance premium tax.  The TIP covers changes to the premium tax credit for Florida Tax Credit Scholarship Program/Step Up For Students which applies to all insurers. It also covers the…

FIC: Premium Tax Credit Repeals Proposed in Senate

By:  Katrina Callaway, FIC General Counsel An important bill for all insurance companies was filed by Sen. Annette Taddeo (D-Miami), on December 22, 2017.  SB 1354 repeals all “tax preferences” provided in chapter 624, chapters 192-220, and chapters 561-565 on July 1, 2022 unless specifically reviewed and reenacted by the Legislature.  The definition of “tax…

Senate Appropriations Committee Passes Broad-Based Tax Relief Package

For Immediate Release: May 1, 2017Contact: Katie Betta. (850) 487-5229 Senate Appropriations Committee Passes Broad-Based Tax Relief PackageBack-To-School Sales Tax Holiday, Sales Tax Exemption for Feminine Hygiene Products, Lower Business Rent Tax Tallahassee–The Florida Senate Committee on Appropriations, chaired by Senator Jack Latvala (R-Clearwater) today passed House Bill (HB) 7109, Taxation. The legislation will deliver…

FIC: Federal Reinsurance Tax

Federal Legislation Update: There are two proposals at the federal level that may be included in upcoming corporate tax reform plans that would have a disastrous impact on the insurance industry for our state:The first proposal, expected to be reintroduced by US Rep. Richard Neal (D-MA), would deny tax deductions for certain reinsurance premiums paid…