A BILL TO BE ENTITLED
AN ACT to protect benefits for firefighters.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑228.5(d)(3) reads as rewritten:
"(d)	Tax Rates; Disposition. –
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(3)	Additional Rate on Property Coverage Contracts. – An additional tax at the rate of one and one hundred twenty‑five thousandths percent (1.125%) applies to gross premiums on insurance contracts for property coverage. The tax is imposed on ten percent (10%) of the gross premiums from insurance contracts for automobile physical damage coverage and on one hundred percent (100%) of the gross premiums from all other contracts for property coverage. Nineteen percent (19%) of the net proceeds of this additional tax must be credited to the Volunteer Fire Department Fund established in Article 87 of Chapter 58 of the General Statutes. Sixteen percent (16%) of the net proceeds must be credited to the Department of Insurance for disbursement pursuant to G.S. 58‑84‑25. Up to thirteen percent (13%), as determined in accordance with G.S. 58‑87‑10(f), must be credited to the Workers' Compensation Fund. The remaining net proceeds must be credited to the General Fund. The additional tax imposed on property coverage contracts under this subdivision is a special purpose assessment based on gross premiums and not a gross premiums tax.
The following definitions apply in this subdivision:
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SECTION 2.  This act becomes effective July 1, 2019.