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A BILL TO BE ENTITLED
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AN ACT
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relating to exempting premiums for policies covering stored or |
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in-transit baled cotton from certain taxes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 225.004, Insurance Code, is amended by |
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adding Subsection (g) to read as follows: |
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(g) Premiums on risks or exposures on policies covering |
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stored or in-transit baled cotton for export are not subject to the |
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tax imposed by this chapter. |
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SECTION 2. Section 226.003(g), Insurance Code, is amended |
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to read as follows: |
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(g) The following premiums are not subject to the tax |
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imposed by this subchapter: |
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(1) premiums on insurance procured by a licensed |
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surplus lines agent from an eligible surplus lines insurer as |
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defined by Chapter 981 on which premium tax is paid in accordance |
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with Chapter 225; |
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(2) premiums on an independently procured contract of |
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insurance on which premium tax is paid in accordance with |
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Subchapter B; [and] |
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(3) premiums on a contract of insurance written by an |
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insurer that holds a certificate of authority in this state and that |
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is authorized to write the contract; and |
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(4) premiums on risks or exposures on policies |
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covering stored or in-transit baled cotton for export. |
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SECTION 3. Section 226.053, Insurance Code, is amended by |
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adding Subsection (e) to read as follows: |
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(e) Premiums on risks or exposures on policies covering |
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stored or in-transit baled cotton for export are not subject to the |
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tax imposed by this subchapter. |
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SECTION 4. The change in law made by this Act does not |
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affect tax liability accruing before the effective date of this |
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Act. That liability continues in effect as if this Act had not been |
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enacted, and the former law is continued in effect for the |
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collection of taxes due and for civil and criminal enforcement of |
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the liability for those taxes. |
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SECTION 5. This Act takes effect January 1, 2014. |