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A BILL TO BE ENTITLED
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AN ACT
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relating to the sale or assignment of tax credits for the certified |
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rehabilitation of certified historic structures. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.908, Tax Code, is amended by adding |
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Subsection (e) to read as follows: |
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(e) An entity to which all or part of a credit is sold or |
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assigned and that is subject to a premium tax imposed under Chapter |
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221, 222, 223, or 224, Insurance Code, may claim all or part of the |
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credit against that tax. The provisions of this subchapter, |
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including provisions relating to the total amount of the credit |
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that may be claimed for a report, the carryforward of the credit, |
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and the sale or assignment of the credit, apply with respect to a |
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credit claimed against a tax imposed under Chapter 221, 222, 223, or |
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224, Insurance Code, to the same extent those provisions apply to a |
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credit claimed against the tax imposed under this chapter. An |
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entity claiming all or part of a credit as authorized by this |
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subsection is not required to pay any additional retaliatory tax |
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levied under Chapter 281, Insurance Code, as a result of claiming |
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that credit. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |