Utah Code 53-7-204.2. Fire Prevention Support Account — Funding
Current as of: 2024 | Check for updates
|
Other versions
(1) As used in this section:
Terms Used In Utah Code 53-7-204.2
- Division: means the State Fire Marshal Division created in Section
53-7-103 . See Utah Code 53-7-102 - 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.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) “Account” means the Fire Prevention Support Account created in Subsection (2).
(1)(b) “Property insurance premium” means premium paid as consideration for property insurance as defined in Section 31A-1-301.
(2)
(2)(a) To provide a funding source for the general operation of the division, there is created in the General Fund a restricted account known as the Fire Prevention Support Account.
(2)(b) The following revenue shall be deposited in the account to implement this section:
(2)(b)(i) the percentage specified in Subsection (3) of the annual tax for each year that is levied, assessed, and collected under Title 59, Chapter 9, Taxation of Admitted Insurers, upon property insurance premiums and as applied to fire and allied lines insurance collected by insurance companies within the state;
(2)(b)(ii) the percentage specified in Subsection (4) of all money assessed and collected upon life insurance premiums within the state;
(2)(b)(iii) appropriations made by the Legislature; and
(2)(b)(iv) money collected from civil penalties in accordance with Section 53-7-504.
(3) The percentage of the tax specified in Subsection (2)(b)(i) to be deposited in the account each fiscal year is 25%.
(4) The percentage of the money specified in Subsection (2)(b)(ii) to be deposited in the account each fiscal year is 5%.