Bill Summary for S 31 (2013-2014)

Summary date: 

Jan 31 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 31 (Public) Filed Thursday, January 31, 2013
A BILL TO BE ENTITLED AN ACT MODIFYING THE ALLOCATION OF THE PROCEEDS FROM THE GROSS PREMIUM TAX ON INSURANCE COMPANIES UNDER G.S. 105-228.5 TO INCLUDE DEDICATED FUNDING FOR THE NORTH CAROLINA FIREMEN'S AND RESCUE SQUAD WORKERS' PENSION FUND AND THE WORKERS' COMPENSATION FUND FOR THE BENEFIT OF VOLUNTEER SAFETY WORKERS.
Intro. by Hartsell.

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Bill summary

Identical to H 27, filed 1/30/13.

Amends GS 105-228.5(d)(3) (concerning taxes measured by gross premiums) to revise the allocation of the net proceeds of the additional tax on gross premiums on insurance contracts for property coverage as follows. Credits 27% to the Workers' Compensation Fund and 18% to the NC Firemen's and Rescue Squad Workers' Pension Fund (currently, this 45% is credited to the General Fund). Effective July 1, 2013.

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