MS HB741

Department of Revenue shall annually deposit one-half of insurance premium tax revenue collected from homeowners insurance policies into a new "County Fire Protection Assistance Fund" in the State Treasury.

Fund monies are distributed to counties based on the location of properties on which homeowners insurance policies were written, with each county receiving one-half of the tax revenue generated from policies on properties within that county.

Counties may use disbursed funds for fire protection services including training expenses, purchase and repair of fire trucks and equipment, insurance on fire fighting equipment, fire protection service contracts, and other fire protection-related purposes.

Fund monies may be pledged as security for up to 10 years for equipment purchases, repairs, and capital construction projects.

Act takes effect July 1, 2018.