Bill Text: TX HB2972 | 2013-2014 | 83rd Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to exempting premiums for certain insurance covering stored or in-transit baled cotton from surplus lines insurance premium taxes.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2013-06-14 - Effective on 1/1/14 [HB2972 Detail]
Download: Texas-2013-HB2972-Introduced.html
Bill Title: Relating to exempting premiums for certain insurance covering stored or in-transit baled cotton from surplus lines insurance premium taxes.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2013-06-14 - Effective on 1/1/14 [HB2972 Detail]
Download: Texas-2013-HB2972-Introduced.html
83R9339 SCL-F | ||
By: King of Hemphill | H.B. No. 2972 |
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relating to exempting premiums for policies covering stored or | ||
in-transit baled cotton from certain taxes. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 225.004, Insurance Code, is amended by | ||
adding Subsection (g) to read as follows: | ||
(g) Premiums on risks or exposures on policies covering | ||
stored or in-transit baled cotton for export are not subject to the | ||
tax imposed by this chapter. | ||
SECTION 2. Section 226.003(g), Insurance Code, is amended | ||
to read as follows: | ||
(g) The following premiums are not subject to the tax | ||
imposed by this subchapter: | ||
(1) premiums on insurance procured by a licensed | ||
surplus lines agent from an eligible surplus lines insurer as | ||
defined by Chapter 981 on which premium tax is paid in accordance | ||
with Chapter 225; | ||
(2) premiums on an independently procured contract of | ||
insurance on which premium tax is paid in accordance with | ||
Subchapter B; [ |
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(3) premiums on a contract of insurance written by an | ||
insurer that holds a certificate of authority in this state and that | ||
is authorized to write the contract; and | ||
(4) premiums on risks or exposures on policies | ||
covering stored or in-transit baled cotton for export. | ||
SECTION 3. Section 226.053, Insurance Code, is amended by | ||
adding Subsection (e) to read as follows: | ||
(e) Premiums on risks or exposures on policies covering | ||
stored or in-transit baled cotton for export are not subject to the | ||
tax imposed by this subchapter. | ||
SECTION 4. The change in law made by this Act does not | ||
affect tax liability accruing before the effective date of this | ||
Act. That liability continues in effect as if this Act had not been | ||
enacted, and the former law is continued in effect for the | ||
collection of taxes due and for civil and criminal enforcement of | ||
the liability for those taxes. | ||
SECTION 5. This Act takes effect January 1, 2014. |