BILL NUMBER: S9306
SPONSOR: STEWART-COUSINS
 
TITLE OF BILL:
An act to amend chapter 54 of the laws of 1938 authorizing Exempt Fire-
men's Benevolent Association of Hastings on the Hudson, Inc., to
collect, receive and use taxes required to be paid pursuant to the
insurance law upon premiums on policies of fire insurance on property in
the village of Hastings on the Hudson, New York, or other territory
served by the fire department thereof, in relation to the use of taxes
collected
 
PURPOSE:
The purpose of this bill is to update the name of the Exempt Firefight-
ers' Benevolent Association of Hastings-on-Hudson, Inc. in existing law,
as well as update the purposes and duties of the Association. Addi-
tionally, the bill updates the way funds received by the Association
from foreign fire insurance companies are collected and distributed, and
the way funds received by the Association from the Superintendent of
Financial Services of the State of New York are spent, to comply with
modem NY Insurance Law.
 
SUMMARY OF PROVISIONS:
Section 1 of the bill amends existing law to reflect the current name of
the Exempt Firefighters' Benevolent Association of Hastings-on-Hudson,
Inc., and states the most up-to-date purposes of the Association.
Additionally, this section amends existing law to state that a percent-
age of the foreign fire insurance premium taxes collected by the Associ-
ation must go to the Treasure of the Firefighters' Association of the
State of New York, as required by New York Insurance Law, and the Asso-
ciation must use the remaining funds only to achieve its stated
purposes.
Finally, this section amends existing law to state that the Exempt Fire-
fighters' Benevolent Association of Hastings-on-Hudson, Inc. must use
any funds received from the Superintendent of Financial Services of the
State of New York, as required by New York Insurance Law, only to
achieve its stated purposes.
Section 2 is the effective date.
 
JUSTIFICATIONf
This bill provides necessary amendments to existing law to ensure that
all language relating to the Exempt Firefighters' Benevolent Association
of Hastings-on-Hudson, Inc. and New York Insurance Laws is up to date.
 
LEGISLATIVE HISTORY:
This is a new bill.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxes due on
premiums received on and after January 1, 2025.