Florida TaxWatch: Reform Citizens and the Cat Fund

Even as hurricane season begins this week, Florida TaxWatch offered a warning that the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corp. need major reformation.

"As a part of the $500 million tax cut passed by (the)Legislature and signed by Gov. Scott this past session, Floridians will get three opportunities to shop tax-free this summer, Dominic Calabro, the president and CEO of Florida TaxWatch, said on Friday. Beginning tomorrow and lasting until June 8th, taxpayers will save their hard-earned dollars on hurricane preparedness items thanks to the first sales tax holiday. This sales tax holiday is a great way to provide broad-based tax relief for consumers while promoting safety as we enter a potentially devastating hurricane season, which begins on June 1.

"Just as the Legislature has thoughtfully empowered Florida's citizens to better protect themselves against Mother Nature's fury before a storm, lawmakers must do something to ensure they are protected after a storm hits, too, Calabro added. Since the devastating hurricane seasons of 2004 and 2005, Floridians have been fortunate to avoid a direct hurricane hit. Unfortunately, we are still paying for the storms that hit our shores 10 years ago, through assessments on our insurance policies."

"As this hurricane preparedness sales tax goes into effect and we start the 2014 hurricane season, I ask not only the citizens of Florida to protect themselves from the coming storms, but also the state to protect its citizens from a potential fiscal nightmare, Calabro said in conclusion.

Florida TaxWatch released a study on the Cat Fund and Citizens which can be read here.