49-11-901.5. Premium tax revenues -- Distribution.

278 words·~1 min read·/ut/title-49/chapter-11/49-11-901-5

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Effective 7/1/2026

(1)Beginning fiscal year 2027 and in accordance with this section, there shall be paid to the office:

(a)the first $4,000,000 collected from the annual tax levied, assessed, and collected under Title 59, Chapter 9, Taxation of Admitted Insurers , upon premiums for property insurance, as defined under Section 31A-1-301 , and as applied to fire and allied lines insurance collected by insurance companies within the state; and

(b)the first $1,000,000 collected under Title 59, Chapter 9, Taxation of Admitted Insurers , upon premiums for life insurance, as defined in Section 31A-1-301 , within the state.

(a)The office shall use the revenue described in Subsection

(1)to fund:

(i)the long term disability program provided for firefighters under Section 49-23-601 , until the program is fully funded; and

(ii)the Firefighters' Retirement Trust Fund created in Section 49-16-104 until the actuarial funded ratio of the Firefighters' Retirement System created in Section 49-16-103 reaches and can be maintained at 110%, as determined by the board's actuary using assumptions adopted by the board.

(b)The office shall annually determine the amount distributed for each purpose under Subsection (2)(a) , including, for the distribution under Subsection (2)(a)(i) , the apportionment between Divisions A and B as defined in Section 49-16-301 .

(3)The office shall inform the Executive Appropriations Committee when the office:

(a)determines that the amounts described in Subsection

(1)exceed the amount needed for the purposes described in Subsection (2)(a) ; and

(b)recommends the Legislature reduce one or both of the amounts described in Subsection

(1).

Amended by Chapter 469 , 2026 General Session