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By: King of Hemphill (Senate Sponsor - Patrick) |
H.B. No. 2972 |
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(In the Senate - Received from the House May 10, 2013; |
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May 10, 2013, read first time and referred to Committee on Finance; |
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May 21, 2013, reported favorably by the following vote: |
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Yeas 11, Nays 0; May 21, 2013, sent to printer.) |
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A BILL TO BE ENTITLED
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AN ACT
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relating to exempting premiums for certain insurance covering |
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stored or in-transit baled cotton from surplus lines insurance |
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premium taxes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 225.004, Insurance Code, is amended by |
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adding Subsection (g) to read as follows: |
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(g) Premiums on risks or exposures under ocean marine |
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insurance coverage of stored or in-transit baled cotton for export |
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are not subject to the tax imposed by this chapter. |
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SECTION 2. The change in law made by this Act does not |
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affect tax liability accruing before the effective date of this |
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Act. That liability continues in effect as if this Act had not been |
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enacted, and the former law is continued in effect for the |
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collection of taxes due and for civil and criminal enforcement of |
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the liability for those taxes. |
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SECTION 3. This Act takes effect January 1, 2014. |
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