Tennessee Code 68-102-142 – Tax on net premium receipts of fire insurance companies to defray expenses of enforcement
Terms Used In Tennessee Code 68-102-142
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
For the maintenance of the division of fire prevention and the payment of expenses incident thereto, and for the maintenance of the fire investigations section transferred to the Tennessee bureau of investigation pursuant to chapter 487 of the Public Acts of 2019, and the payment of expenses incident to the duty of the fire investigations section to investigate destructive fires in this state, each fire insurance company transacting business in this state, at the same time it pays other taxes now required by law, shall pay to the commissioner of commerce and insurance the sum of three-quarters of one percent (0.75%) on the net premium receipts of the insurance companies on all business transacted by them in Tennessee, during the next preceding year, as shown by their annual statement under oath to the department of commerce and insurance. This sum shall be held in a separate fund by the commissioner, and shall be designated as the fire prevention fund, for the maintenance of the division of fire prevention and the fire investigations section, and for the payment out of the fund for the expenses and maintenance of the division and the fire investigations section shall be made only on the warrant of the commissioner, and any and all moneys on hand in this division at the end of each fiscal year shall be turned in to the general fund of the state; provided, that this state shall in no way be liable for the salaries or expenses of the fire prevention division other than the fund as provided in this section for such purposes.