Bill Would End $300M Tax Credit For Insurance Carriers In Florida

Insurance-industry officials remained adamant Tuesday that a proposal to eliminate a decades-old tax credit will cost jobs and hike premiums as the measure moved forward in the Senate with a significant change. The Senate Finance and Tax Appropriations Subcommittee unanimously supported the proposal (SB 378), which would eliminate a premium-tax credit for insurers. Under the change made Tuesday, the bill would also offer a 1 percentage-point reduction in a commercial lease tax for businesses, a tax cut that Gov. Rick Scott has supported.