Fla. Cuts $230M Tax Credit For Insurance Companies

Law360, Miami (April 24, 2013, 5:21 PM EDT) -- The Florida Senate voted Wednesday to eliminate a long-standing tax rebate for insurers worth $230 million annually in order to offset a reduction of state vehicle registration fees, saying the incentive had served its purpose.

Many senators beamed about S.B. 1832, sponsored by Sen. Joe Negron, R-Stuart, not only for its main purpose of saving Floridians an estimated $220 million a year by rolling back 2009 fee hikes on motor vehicle services, but also for ending a 25-year-old tax credit that insurance companies receive to counter...
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