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Business and Charity Leaders Ask Rick Scott to Eliminate Hurricane Taxes

Business leaders and charity organizers wrote to Gov. Rick Scott on Tuesday calling for the elimination of hurricane taxes on insurance premiums.

The leaders argued that Citizens Property Insurance Corp. and the Florida Hurricane Catastrophe Fund (Cat Fund) have failed -- with Florida taxpayers still paying off damages from storms back in 2004 and 2005.

According to an April 2010 Florida TaxWatch report, despite the absence of land-falling storms, both state-run entities have faced enormous potential shortfalls because of limiting bonding capabilities, argued the leaders. The report indicated a 100-year probably maximum loss would have left Citizens with a deficit of $10.6 billion and Cat Fund with a shortfall of $24.9 billion. Additionally, Florida TaxWatch reported assessments to repay the combined $35.5 billion shortfall, spread over 30 years, at an assumed interest rate of 4 percent, are $117.9 billion.

The letter was signed by Barney Bishop, the president and CEO of the Associated Industries of Florida (AIF), Ted Granger from the United Way of Florida. Jay Liles of the Florida Wildlife Federation, Christian Camara of the Heartland Institute, Louis Garcia of Big Brothers Big Sisters of the Big Bend, Larry Pitacuda of the Florida Afterschool Network, Apryl Marie Fogel of Americans for Prosperity-Florida, and Dominic Calabaro, the president and CEO of Florida TaxWatch.

We all know there is a glide-path to stability our elected leaders can take to better protect the business and charitable organizations throughout our state, said Bishop. We hope that Governor Scott realizes how dire this situation is, and will make eliminating the hurricane taxes on insurance premiums and reforming Citizens and the Cat Fund a top priority during his tenure as Floridas governor.

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