Bill Text: TX HB1199 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the sale or assignment of tax credits for the certified rehabilitation of certified historic structures.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-04-20 - Laid on the table subject to call [HB1199 Detail]
Download: Texas-2017-HB1199-Introduced.html
| 85R4298 TJB-F | ||
| By: Rodriguez of Bexar | H.B. No. 1199 | |
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| relating to the sale or assignment of tax credits for the certified | ||
| rehabilitation of certified historic structures. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 171.908, Tax Code, is amended by adding | ||
| Subsection (e) to read as follows: | ||
| (e) An entity to which all or part of a credit is sold or | ||
| assigned and that is subject to a premium tax imposed under Chapter | ||
| 221, 222, 223, or 224, Insurance Code, may claim all or part of the | ||
| credit against that tax. The provisions of this subchapter, | ||
| including provisions relating to the total amount of the credit | ||
| that may be claimed for a report, the carryforward of the credit, | ||
| and the sale or assignment of the credit, apply with respect to a | ||
| credit claimed against a tax imposed under Chapter 221, 222, 223, or | ||
| 224, Insurance Code, to the same extent those provisions apply to a | ||
| credit claimed against the tax imposed under this chapter. An | ||
| entity claiming all or part of a credit as authorized by this | ||
| subsection is not required to pay any additional retaliatory tax | ||
| levied under Chapter 281, Insurance Code, as a result of claiming | ||
| that credit. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2017. | ||
