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Belleair to impose excise tax
By MARK DOTSON
Article published on Thursday, March 23, 2006 |
BELLEAIR – The Town Commission Tuesday passed an ordinance that will levy and impose a premium excise tax on insurance companies that collect premiums from policyholders within Belleair’s corporate limits.
The tax was previously imposed by the town and repealed in April of last year when the town stopped maintaining its own fire department and instead entered an agreement with Belleair Bluffs for its fire suppression services. The purpose of the excise tax is to provide income for a statewide Firefighters’ Pension Trust Fund, per Florida law.
The state law allows Belleair to levy a 1.85 percent tax on certain insurance policies written for property located within the town for the benefit of the municipality that provides it with fire suppression services. The tax is a percentage of the gross amount of receipts of premiums from policyholders on “all premiums collected on property insurance policies covering property within the corporate limits of the town.” The tax is due annually on July 1. The money collected will go to the city of Belleair Bluffs for providing fire suppression services.
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Article published on Thursday, March 23, 2006
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