A3527

Decreases the premium receipts tax for surplus lines insurance coverage in New Jersey from 5% to 3%.

This bill reduces the premium receipts tax for surplus lines insurance coverage in New Jersey from 5% to 3%. This tax applies to all gross premiums charged for such insurance, less any return premiums. The bill also specifies that all 3% of the tax paid shall go to the treasurer of the New Jersey State Firemen’s Association if the insurance covers fire risks in municipalities or fire districts with a duly incorporated firemen’s relief association. This change reverts the tax rate to what it was before a 2009 law increased it.