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A BILL TO BE ENTITLED
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AN ACT
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relating to participation in certain programs by, and insurer |
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premium tax credits for investments in, certified capital |
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companies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 228, Insurance Code, is |
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amended by adding Section 228.109 to read as follows: |
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Sec. 228.109. PARTICIPATION IN OTHER ECONOMIC DEVELOPMENT |
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PROGRAMS. A certified capital company, an affiliate of the |
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company, or an employee, director, manager, member, or principal of |
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the company does not qualify for and may not otherwise participate |
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in any other state-sponsored economic development program before |
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the earlier of: |
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(1) the date 100 percent of certified capital is |
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invested by the company; or |
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(2) December 31, 2016. |
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SECTION 2. Effective December 31, 2016, Chapter 228, |
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Insurance Code, is repealed. |
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SECTION 3. The repeal by this Act of Chapter 228, Insurance |
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Code, does not affect premium tax credits for certified capital |
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invested under that chapter before the effective date of the repeal |
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and the recapture of those credits. Premium tax credits for |
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certified capital invested before the effective date of the repeal |
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and the recapture of those credits are governed by the law as it |
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existed immediately before that date, and that law is continued in |
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effect for that purpose. |
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SECTION 4. Except as otherwise provided by this Act, this |
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Act takes effect September 1, 2015. |