The purpose of the proposed amendments to Rule 12B-8.001, F.A.C. (Premium Tax; Rate and Computation), is to: (1) make technical corrections, including updating statute references, expiration dates, references, and removing obsolete language ...

 

DEPARTMENT OF REVENUE
Miscellaneous Tax

RULE NO: RULE TITLE
12B-8.001: Premium Tax; Rate and Computation
PURPOSE AND EFFECT: The purpose of the proposed amendments to Rule 12B-8.001, F.A.C. (Premium Tax; Rate and Computation), is to: (1) make technical corrections, including updating statute references, expiration dates, references, and removing obsolete language regarding the annuity exemption in effect prior to July 1, 1990; (2) include corporation not for profit self-insurance funds under Section 624.4625, F.S., and Public Housing Authorities Self-Insurance Funds under Section 624.46226, F.S., as entities whose premiums, contributions, and assessments are subject to a 1.6 percent tax; (3) clarify that dividends used to purchase paid-up additions are not an additional gross receipt; (4) incorporate information on the Florida Life and Health Insurance Guaranty Association Assessment, including payments due as a result of Florida Life and Health Insurance Guaranty Association refunds of prior assessments that were used in the computation of credits by an insurer, and the acceleration of Florida Life and Health Insurance Guaranty Association credits when an insurer surrenders its certificate of authority and ceases doing business in Florida; (5) reference Section 624.50921, F.S., for the insurance premium tax credits for assessments paid under Chapter 440, F.S., and the corporate income tax paid under Chapter 220, F.S.; and (6) provide general information on the salary tax credit exceptions.
SUBJECT AREA TO BE ADDRESSED: The subject areas of the rule development workshop is the: (1) corporation not for profit self-insurance funds; (2) dividends used to purchase paid-up additions; (3) Florida Life and Health Insurance Guaranty Association credit; (4) statute of limitations and amended insurance premium tax returns; (5) salary tax credit exceptions.
SPECIFIC AUTHORITY: 213.06(1), 220.183(6), 288.99(11), 624.5105(6) FS.
LAW IMPLEMENTED: 175.101, 175.1015, 175.121, 175.141, 185.08(3), 185.085, 185.10, 185.12, 213.05, 213.235, 213.37, 220.183(3), 288.99(11), 624.4621, 624.46226, 624.4625, 624.475, 624.509, 624.5092, 624.50921, 624.510, 624.5105, 624.511, 624.518, 624.519, 624.520(2), 626.7451(11), 627.3512, 627.357(9), 628.6015, 629.5011, 634.131, 634.313(2), 634.415(2) FS.
A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: December 9, 2008, 10:00 a.m.
PLACE: Room 118, Carlton Building, 501 S. Calhoun Street, Tallahassee, Florida
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 48 hours before the workshop/meeting by contacting: Larry Green at [phone]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Robert DuCasse, Tax Law Specialist, Technical Assistance and Dispute Resolution, Department of Revenue, P. O. Box 7443, Tallahassee, Florida 32314-7443, telephone [phone]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS PUBLISHED ON THE DEPARTMENT’S INTERNET SITE AT: myflorida.com/dor/rules