§ 5½-8. Fire insurance premium tax.

(A)

There is hereby assessed, imposed and levied on every insurance company, corporation or other insurer now engaging in or carrying on, or which shall hereafter engage in or carry on the business of insuring with respect to property insurance, as shown by the records of the Department of Financial Services, an excise or license tax in addition to any license tax or excise now levied by the Town of Hillsboro Beach, which the tax shall be in the amount of 1.85% of the gross amount of receipts of premiums from policy holders on all premiums collected on property insurance policies, covering property within the corporate limits of the Town of Hillsboro Beach.

(B)

The excise tax provided for in this section shall be payable and collected in the manner provided for by state law providing for the creation and administration of a firefighter's pension fund. In the event that any provision or application of this chapter shall be held to be invalid by a court of competent jurisdiction, the remaining sections shall remain valid.

(Ord. 221, passed 4-4-2006)