Florence staff outlines revenue impact of cutting insurance premium tax from 5% to 4% City finance staff told council that cutting the insurance premium tax from 5% to 4% would reduce revenue by roughly $1 million a year (about $5 million over five years) but would not immediately create a general-fund imbalance; councilors pressed for resident-vs-business breakdowns and noted statutory timelines for ordinance changes.

Florence is considering a bold move to cut its insurance premium tax rate from 5% to 4%, but the financial implications could mean a $5 million hit over five years!

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