MS SB2380

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

Applies the increased tax to fire insurance components of automobile insurance, dwelling multiple peril insurance, farm multiple peril insurance, and commercial multiple peril insurance policies written in Mississippi.

For indivisible multiple peril insurance policies where the fire portion is not specified, levies the one percent (1%) tax on forty-five percent (45%) of gross premium receipts.

Transfers tax revenue collected for the State Fire Academy into a separate "State Fire Academy Fund" account, with unused funds carrying over to subsequent fiscal years.

Changes tax collection authority from the State Tax Commission to the Department of Revenue and takes effect July 1, 2014.