February 14, 2018
* UPDATE *
Proposed Legislation Changing the Surplus Lines Tax Rate – HB 465
An amendment was adopted on HB 465 to make the effective date of the below legislation October 1, 2018, if passed.
House Bill 465 (HB 465) is legislation we are closely monitoring that could have an immediate impact upon our industry. The bill includes a repeal of the language in F.S. 626.932 (3), which limits the tax rate for multistate risks to the rate of the state where the risk or exposure is located. This repeal would mean Florida multistate risks would be charged the same tax rate regardless of where the risk is located. In addition, the bill also proposes to lower the overall surplus lines premium tax from the current 5% to 4.936% to maintain revenue neutrality resulting from the aforementioned change.
This new tax rate would apply to all Florida surplus lines policies — single state and multistate risks.
You can monitor HB 465 here.
Payments and Affidavits Due Today - February 14th
Payments for all service fees, taxes and assessments invoiced for 4th quarter submissions on January 1, 2018 are due no later than February 14, 2018.
Affidavits for 4Q17 are also due no later than February 14, 2018.
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Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
