§ 2-80. Property insurance premiums tax.

(1)

There is hereby assessed and imposed on every insurance company, corporation or other insurer now engaged in or carrying on, or who shall hereafter engage in or carry on, the business of property insurance as shown by the records of the State Department of Insurance, an excise tax in addition to any lawful license or excise tax now levied by the Town, in the amount of one and eighty-five hundredths (1.85) percent 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. In the case of multiple-peril policies with a single premium for both the property and casualty coverages in such policies, seventy (70) percent of such premium shall be used as the basis for the one and eighty-five hundredths (1.85) percent tax. This excise tax shall be payable annually on March 1 of each year.

(2)

All money derived from this tax shall be appropriated to the City of Delray Beach's Firefighter Relief and Pension Fund to provide fire-rescue services pursuant to the Interlocal Agreement between the Town of Gulf Stream and the City of Delray Beach.

(Ord. No. 06-08, § 1, 11-17-06)

State law reference

Tax authorized, F.S. § 175.101.