MS HB607

Increases the tax on gross premium receipts of fire insurance policies from one-half of one percent (1/2 of 1%) to one percent (1%) to fund the Office of State Chief Deputy Fire Marshal and State Fire Academy operations.

Tax applies to fire insurance policies and fire components of automobile insurance, dwelling multiple peril insurance, farm multiple peril insurance, and commercial multiple peril insurance written in Mississippi.

For indivisible multiple peril policies where the fire portion is unspecified, the one percent tax is levied on 45% of gross premium receipts.

Transfers collection responsibility from the State Tax Commission to the Department of Revenue and establishes a separate "State Fire Academy Fund" with monthly transfers from collected taxes.

Effective July 1, 2014.