Property and Casualty Insurance - Distribution of Premium Tax Proceeds to State Disaster Recovery Fund

Summary

Starting July 1, 2026, the bill directs $5 million of the premium tax collected from property and casualty insurers to be transferred annually to the State Disaster Recovery Fund. The measure affects insurance companies that pay the tax and provides a steady funding source for disaster recovery efforts in Maryland. It aims to bolster the state’s ability to respond to emergencies without creating new taxes.

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