New York Law Assigns Fire Association Tax Collection Role
Governor signs legislation allowing Nesconset Fire Association to collect insurance taxes from foreign insurers.
The Brief
- Law enables Association to collect fire insurance premium taxes from foreign and alien insurers.
- Taxes apply to premiums and payments on and after Jan. 1, 2027.
- Law took effect on October 23.
New York Governor signed a law that outlines the powers and duties of the Nesconset Volunteer Firefighter’s Benevolent Association.
The legislation authorizes the Association to collect and receive specific fire insurance premium taxes from foreign and alien insurers.
These taxes will apply to premiums and payments due and received on and after January 1, 2027.
The law generally took effect on October 23.
The law was identified as A.B. 7839 and was enacted on October 23.
The story was produced by Bloomberg Tax Automation and edited by Bloomberg Tax staff.
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