DATE ISSUED: December 7, 2010
REVISED: April 21, 2011
Effective December 31, 2010, section 288.99(17), Florida Statutes (F.S.), repealed the CAPCO credit in its entirety. Section 288.99, F.S., had permitted insurers to claim up to 10% of their vested CAPCO premium tax credit per year beginning with premium tax filings for calendar year 2000 and ending with premium tax filings for calendar year 2009.
After the repeal of section 288.99, F.S., unused CAPCO credit may be claimed as a carryover subject to the limitations that were provided in that section. The 2017 Insurance Premium Taxes and Fees return, due March 1, 2018, will be the final return in which an insurer may apply the CAPCO credit carryover.
References: Sections 624.509 and 288.99, Florida Statutes (2010).
This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.
For forms and other information, visit our website at www.myflorida.com/dor or call Taxpayer Services, 8:00 a.m. to 7:00 p.m., ET, Monday through Friday, excluding holidays, at 800-352-3671.
For a detailed written response to your questions, write the Florida Department of Revenue, Taxpayer Services, MS 3-2000, 5050 West Tennessee Street, Tallahassee, FL 32399-0112.