- Florida Office of Revenue Amended Insurance Premium Tax Rule Relating to Nonprofit Scholarship Funding Organizations Effective July 28, 2015
- August 4, 2015
- Law Firm: Colodny Fass P.A. - Sunrise Office
- The Florida Office of Revenue has amended Rule 12B-8.001, F.A.C. relating to Insurance Premium Tax Rate and Computation. The final adopted version became effective yesterday, July 28, 2015.
In the State of Florida, an insurance company that contributes to eligible nonprofit scholarship funding organizations may receive credit its insurance premium tax.
The Rule revisions are intended to provide clarification on the computation of the installment payment amount required to meet the Rule's prior year exception when a taxpayer has made one or more qualifying contributions to eligible nonprofit scholarship-funding organizations.
Section 17, Chapter 2014-184, Laws of Florida, provides that, for purposes of determining if a penalty under Section 624.5092, F.S. should be imposed on the underpayment of an installment, an insurer may reduce the installment amount required to meet the prior year exception in that taxable year by the amount of the credit earned under Section 624.51055, F.S. (Credit for contributions to eligible nonprofit scholarship-funding organizations). The amount required to meet the prior year exception may only be reduced with respect to contributions made on or after July 1, 2014.