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A BILL TO BE ENTITLED
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AN ACT
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relating to reauthorization of small business incentive program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) Section 228.001, Insurance Code, as added |
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by Chapter 730, Acts of the 80th Legislature, Regular Session, |
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2007, is amended to conform to the amendment of Article 4.51, |
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Insurance Code, by Section 1, Chapter 303 (H.B. 1741), Acts of the |
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80th Legislature, Regular Session, 2007, by adding Subdivisions |
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(5-a), (7-a), and (7-b), and further amended by amending added |
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Subdivision (7-b) and by adding Subdivision (7-c) to read as |
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follows: |
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(5-a) "Low-income community" has the meaning assigned |
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by Section 45D(e), Internal Revenue Code of 1986. |
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(7-a) "Program One" means the program for allocation |
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and investment of certified capital under this chapter before |
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January 1, 2007. |
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(7-b) "Program Two" means the program for allocation |
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and investment of certified capital under this chapter on or after |
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January 1, 2007, and before January 1, 2010. |
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(7-c) "Program Three" means the program for allocation |
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and investment of certified capital under this chapter on or after |
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January 1, 2010. |
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(b) Section 1, Chapter 303 (H.B. 1741), Acts of the 80th |
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Legislature, Regular Session, 2007, which amended former Article |
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4.51, Insurance Code, by adding Subdivisions (16), (17), and (18), |
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is repealed. |
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SECTION 2. Subchapter A, Chapter 228, Insurance Code, is |
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amended by adding Section 228.0525 to read as follows: |
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Sec. 228.0525. ACCEPTANCE OF PREMIUM TAX ALLOCATION CLAIMS. |
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(a) The rules adopted under Section 228.052 must provide that the |
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comptroller shall accept premium tax credit allocation claims on |
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behalf of certified investors with respect to Program Three not |
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later than January 1, 2010. |
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(b) This section expires January 15, 2010. |
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SECTION 3. Section 228.251, Insurance Code, is amended by |
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adding Subsection (d) to read as follows: |
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(d) With respect to credits earned as a result of |
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investments made under Program Three, beginning with the tax report |
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due March 1, 2015, for the 2014 tax year, a certified investor may |
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take up to 25 percent of the vested premium tax credit in any |
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taxable year of the certified investor. The credit may not be |
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applied to estimated payments due in 2014. |
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SECTION 4. (a) Section 228.253(b), Insurance Code, is |
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amended to conform to the amendment of Article 4.66(a), Insurance |
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Code, by Section 6, Chapter 303 (H.B. 1741), Acts of the 80th |
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Legislature, Regular Session, 2007, and further amended to read as |
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follows: |
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(b) The certified capital company must have filed the claim |
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with the comptroller on the date on which the comptroller accepted |
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premium tax credit allocation claims on behalf of certified |
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investors with respect to Program One, Program Two, or Program |
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Three, as applicable, under the comptroller's rules. |
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(b) Section 6, Chapter 303 (H.B. 1741), Acts of the 80th |
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Legislature, Regular Session, 2007, which amended former Article |
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4.66(a), Insurance Code, is repealed. |
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SECTION 5. (a) Section 228.254, Insurance Code, is amended |
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to conform to the amendment of Article 4.67, Insurance Code, by |
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Section 7, Chapter 303 (H.B. 1741), Acts of the 80th Legislature, |
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Regular Session, 2007, and further amended to read as follows: |
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Sec. 228.254. TOTAL LIMIT ON PREMIUM TAX CREDITS. (a) The |
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total amount of certified capital for which premium tax credits may |
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be allowed under this chapter for all years in which premium tax |
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credits are allowed is: |
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(1) $200 million for Program One; |
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(2) $200 million for Program Two; and |
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(3) $200 million for Program Three. |
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(b) The total amount of certified capital for which premium |
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tax credits may be allowed for all certified investors under this |
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chapter may not exceed the amount that would entitle all certified |
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investors in certified capital companies to take total credits of |
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$50 million in a year with respect to Program One, $50 million in a |
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year with respect to Program Two, and $50 million in a year with |
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respect to Program Three. |
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(c) A certified capital company and the company's |
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affiliates may not file premium tax credit allocation claims with |
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respect to Program One, Program Two, or Program Three, as |
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applicable, in excess of the maximum amount of certified capital |
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for which premium tax credits may be allowed for that program as |
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provided by this section. |
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(b) Section 7, Chapter 303 (H.B. 1741), Acts of the 80th |
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Legislature, Regular Session, 2007, which amended former Article |
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4.67, Insurance Code, is repealed. |
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SECTION 6. (a) Section 228.255, Insurance Code, is amended |
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to conform to the amendment of Article 4.68, Insurance Code, by |
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Section 8, Chapter 303 (H.B. 1741), Acts of the 80th Legislature, |
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Regular Session, 2007, and further amended to read as follows: |
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Sec. 228.255. ALLOCATION OF PREMIUM TAX CREDIT. (a) If |
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the total premium tax credits claimed by all certified investors |
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with respect to Program One, Program Two, or Program Three, as |
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applicable, exceeds the total limits on premium tax credits |
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established for that program by Section 228.254(a), the comptroller |
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shall allocate the total amount of premium tax credits allowed |
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under this chapter to certified investors in certified capital |
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companies on a pro rata basis in accordance with this section. |
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(b) The pro rata allocation for each certified investor |
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shall be the product of: |
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(1) a fraction, the numerator of which is the amount of |
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the premium tax credit allocation claim filed on behalf of the |
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investor with respect to Program One, Program Two, or Program |
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Three, as applicable, and the denominator of which is the total |
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amount of all premium tax credit allocation claims filed on behalf |
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of all certified investors with respect to that program; and |
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(2) the total amount of certified capital for which |
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premium tax credits may be allowed with respect to that program |
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under this chapter. |
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(c) The maximum amount of certified capital for which |
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premium tax credit allocation may be allowed on behalf of a single |
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certified investor and the investor's affiliates with respect to |
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Program One, Program Two, or Program Three, as applicable, whether |
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by one or more certified capital companies, may not exceed the |
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greater of: |
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(1) $10 million; or |
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(2) 15 percent of the maximum aggregate amount |
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available with respect to that program under Section 228.254(a). |
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(b) Section 8, Chapter 303 (H.B. 1741), Acts of the 80th |
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Legislature, Regular Session, 2007, which amended former Articles |
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4.68(a), (b), (c), and (e), Insurance Code, is repealed. |
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SECTION 7. (a) In accordance with Section 311.031(c), |
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Government Code, which gives effect to a substantive amendment |
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enacted by the same legislature that codifies the amended statute, |
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the text of Sections 228.001, 228.253, 228.254, and 228.255, |
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Insurance Code, as set out in Sections 1, 4, 5, and 6 of this Act, |
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respectively, gives effect to changes made by Chapter 303 (H.B. |
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1741), Acts of the 80th Legislature, Regular Session, 2007. |
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(b) To the extent of any conflict, this Act prevails over |
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another Act of the 81st Legislature, Regular Session, 2009, |
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relating to nonsubstantive additions and corrections in enacted |
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codes. |
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SECTION 8. This Act takes effect September 1, 2009. |