By DOUG NURSE / www.ajc.com
Tuesday, December 09, 2008
Milton officials are hoping to pull a rabbit out of a hat and recover $863,000 in lost insurance premium taxes.
The city has an “error and omissions” clause in its insurance policy with the Georgia Interlocal Risk Management Association that officials think might cover the lost money.
The city lost its chance to collect $863,000 in its first days of cityhood in 2007. It missed a deadline to alert the state that it intended to collect its share of taxes on insurance premiums sold in Georgia. The city rectified the oversight.
Officials did explore legislative solutions but were told the law was clear about having to meet the deadline.