Bill Text: TX HB3030 | 2015-2016 | 84th Legislature | Introduced


Bill Title: Relating to participation in certain programs by, and insurer premium tax credits for investments in, certified capital companies.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-03-23 - Referred to Insurance [HB3030 Detail]

Download: Texas-2015-HB3030-Introduced.html
  84R9620 AJA-D
 
  By: Thompson of Harris H.B. No. 3030
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to participation in certain programs by, and insurer
  premium tax credits for investments in, certified capital
  companies.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 228, Insurance Code, is
  amended by adding Section 228.109 to read as follows:
         Sec. 228.109.  PARTICIPATION IN OTHER ECONOMIC DEVELOPMENT
  PROGRAMS. A certified capital company, an affiliate of the
  company, or an employee, director, manager, member, or principal of
  the company does not qualify for and may not otherwise participate
  in any other state-sponsored economic development program before
  the earlier of:
               (1)  the date 100 percent of certified capital is
  invested by the company; or
               (2)  December 31, 2016.
         SECTION 2.  Effective December 31, 2016, Chapter 228,
  Insurance Code, is repealed.
         SECTION 3.  The repeal by this Act of Chapter 228, Insurance
  Code, does not affect premium tax credits for certified capital
  invested under that chapter before the effective date of the repeal
  and the recapture of those credits. Premium tax credits for
  certified capital invested before the effective date of the repeal
  and the recapture of those credits are governed by the law as it
  existed immediately before that date, and that law is continued in
  effect for that purpose.
         SECTION 4.  Except as otherwise provided by this Act, this
  Act takes effect September 1, 2015.
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