|
Senate Bill 813 |
Senate Author: Hughes |
|
Effective: Vetoed |
House Sponsor: Hefner |
Senate Bill 813 repeals Tax Code provisions allowing all or part of a franchise tax credit awarded under the Texas Historic Preservation Tax Credit Program to be claimed against insurance premium tax liability and amends the Insurance Code to establish in law instead a separate credit against insurance premium taxes for an entity that engages in historic preservation that would qualify the entity for the franchise tax credit. The bill establishes provisions governing the premium tax credit that are substantively the same as those governing the franchise tax credit and clarifies that an entity may not receive both credits for the same eligible costs and expenses.
Governor's Reason for Veto: "I am vetoing Senate Bill 813 at the request of the author and sponsor based on the Legislature's passage of House Bill 3777, which would amend the Texas Tax Code to narrow the applicability of the Texas Historic Preservation Tax Credit Program. That program issues franchise tax or insurance premium tax credits worth up to 25 percent of the eligible expenses of rehabilitating a certified historic structure. Senate Bill 813 would have duplicated the authorizing statute for the program in the Texas Insurance Code, but would have created parameters for certified historic structures that differ from House Bill 3777 and thus could cause confusion with respect to the qualification of a project for insurance or franchise tax credits."