Florida Bill May Threaten Storm Fund's Tax-Exempt Status

Sigo, Shelly
December 2004
Bond Buyer;12/21/2004, Vol. 350 Issue 32034, p5
Trade Publication
The article reports that a legislative bill passed by the Florida legislature last week that uses $150 million from the Hurricane Catastrophe Fund to reimburse homeowners for multiple deductibles could jeopardize the tax-exempt status of the fund. The Legislature, in a special session last week, created the program to reimburse homeowners for a portion of the multiple deductibles they paid after four hurricanes hit the state. The funds were appropriated from the Hurricane Catastrophe Fund, also known as the "Cat" Fund, and must be repaid over five years through premiums.


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