By Ramsay H.B. No. 2166
75R7592 SAW-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the tax imposed on title insurance premiums.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 4, Article 9.59, Insurance Code, is
1-5 amended to read as follows:
1-6 Sec. 4. There is imposed on all premium on title insurance
1-7 an annual tax equal to one and four-tenths [two] percent (1.4%)
1-8 [(2.0%)].
1-9 [Any title insurance company may remit on a tax rate lower
1-10 than the two percent (2.0%) imposed by this article. If such title
1-11 insurance company as of the preceding December 31 owns Texas
1-12 investments in an amount in total value which is in excess of
1-13 ninety percent (90%) of the amount such title insurance company
1-14 owned in the comparison state in similar investments as herein
1-15 defined, the tax imposed shall be equal to 1.3 percent (1.3%) of
1-16 premium.]
1-17 SECTION 2. This Act takes effect September 1, 1997, and
1-18 applies to a tax imposed on or after January 1, 1998.
1-19 SECTION 3. The importance of this legislation and the
1-20 crowded condition of the calendars in both houses create an
1-21 emergency and an imperative public necessity that the
1-22 constitutional rule requiring bills to be read on three several
1-23 days in each house be suspended, and this rule is hereby suspended.