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House Bill 1741 |
House Author: Flynn |
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Effective: 9-1-07 |
Senate Sponsor: Janek |
Previous law provided for the creation of certified capital companies funded by insurance companies to direct at least 30 percent of investments to qualified small, new, Texas businesses, including startups, and to authorize premium tax credits for insurance company investment in such companies. House Bill 1741 amends the Insurance Code to expand the companies' qualified investments to include low-income communities as defined in the Internal Revenue Code. The bill designates the allocation and investment of certified capital made before January 1, 2007, as Program One and such allocations and investments made after that date as Program Two, and provides that Program Two is subject to the same regulations for Program One except that the first credits claimed by certified investors under Program Two, for premiums earned in the 2012 tax year, cannot be claimed until 2013. The bill requires the comptroller of public accounts, which administers both programs, to accept premium tax credit allocation claims on behalf of certified investors under Program Two not later than January 1, 2008.