|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to exempting premiums for certain insurance covering |
|
stored or in-transit baled cotton from surplus lines insurance |
|
premium taxes. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 225.004, Insurance Code, is amended by |
|
adding Subsection (g) to read as follows: |
|
(g) Premiums on risks or exposures under ocean marine |
|
insurance coverage of stored or in-transit baled cotton for export |
|
are not subject to the tax imposed by this chapter. |
|
SECTION 2. The change in law made by this Act does not |
|
affect tax liability accruing before the effective date of this |
|
Act. That liability continues in effect as if this Act had not been |
|
enacted, and the former law is continued in effect for the |
|
collection of taxes due and for civil and criminal enforcement of |
|
the liability for those taxes. |
|
SECTION 3. This Act takes effect January 1, 2014. |