SB 298 – Relating to Rural Communities

On Thursday, April 4, SB 298 by Senator Bill Montford (D-Quincy) was heard in the Senate Finance and Tax Committee and was reported favorably with 8 yeas and 0 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this legislation.

Florida imposes an annual tax on premiums collected by insurance companies doing business in the state. This tax applies to life, health, property and casualty, title insurance, and most other types of policies at a rate of 1.75%. This bill creates s. 288.062, F.S., the “Florida Rural Jobs and Business Recovery Act,” which offers incentives in the form of tax credits against the state insurance premium tax. The Program prohibits more than $15 million in tax credits to be taken annually.

SB 298 will now move to the Senate Appropriations Committee.

AIF supports legislation that updates and improves Florida’s Rural Economic Development programs which allows rural communities to get assistance for economic development projects designed to create jobs and improve our rural communities.