SB 1006
Relating to fire and casualty insurance premium tax
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to increase the fire and casualty insurance premium tax in West Virginia by one percent. The additional revenue generated would be allocated to several funds, including municipal police and firemen’s pension and relief funds, the Teachers Retirement System, and volunteer and part-volunteer fire companies and departments. A portion of the revenue would also be directed to a Municipal Pensions Security Fund, and the bill includes provisions for reporting and oversight of these funds to ensure equitable distribution and investment performance.
Key provisions
- Increases the fire and casualty insurance premium tax by one percent.
- Allocates 10 percent of collected taxes to the Teachers Retirement System Reserve Fund.
- Allocates 25 percent of collected taxes to the Municipal Pensions and Protection Fund.
- Allocates 65 percent of collected taxes to volunteer and part-volunteer fire companies and departments.
- Allocates 65 percent of collected taxes to the Municipal Pensions Security Fund.
- Requires municipalities to report on the number of police and firefighters working at least 100 hours per month.
- Establishes a Municipal Pensions Oversight Board to oversee fund distribution and investment performance.
- Addresses historical overpayments and underpayments to pension and relief funds, preventing recovery efforts.
Who is affected
- Insurance companies
- Policyholders
- Municipalities
- Volunteer fire companies and departments
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