Increases from two percent to three percent the tax on fire insurance premiums written by out-of-State insurers.

This bill increases the tax rate on fire insurance premiums collected by out-of-state insurers from 2% to 3% for properties located in New Jersey. It directly affects non-New Jersey-based fire insurers and their agents/brokers who place insurance with such companies. The tax is calculated on premiums received during the prior year and paid annually to the New Jersey State Firemen's Association. Funds collected are allocated to local fire districts or, if no local association exists, to the New Jersey Firemen's Home for operational expenses and capital projects. The change applies to all fire insurance premiums excluding those on stored vehicles.