Florida’s Insurance Salary Tax Credit Survives
Florida’s insurance industry was relieved when Senate Bill 378 (SB 378) did not pass and was indefinitely postponed and withdrawn from consideration during a three-day Special Legislative Session in June. See our recent blog on proposed SB 278, which would have repealed Florida’s insurance salary tax credit (the credit) that allows insurers to take a credit of up to 15 percent of salaries paid to Florida employees against their insurance premium tax liability. Those opposed to the bill argued that repealing the credit would make Florida less attractive to insurers. Legislature ultimately agreed that the credit provides a large incentive to Florida’s insurance industry and the proposed bill will go no further.