Bill Text: TX HB3030 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to participation in certain programs by, and insurer premium tax credits for investments in, certified capital companies.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-03-23 - Referred to Insurance [HB3030 Detail]
Download: Texas-2015-HB3030-Introduced.html
| 84R9620 AJA-D | ||
| By: Thompson of Harris | H.B. No. 3030 | |
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| relating to participation in certain programs by, and insurer | ||
| premium tax credits for investments in, certified capital | ||
| companies. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter C, Chapter 228, Insurance Code, is | ||
| amended by adding Section 228.109 to read as follows: | ||
| Sec. 228.109. PARTICIPATION IN OTHER ECONOMIC DEVELOPMENT | ||
| PROGRAMS. A certified capital company, an affiliate of the | ||
| company, or an employee, director, manager, member, or principal of | ||
| the company does not qualify for and may not otherwise participate | ||
| in any other state-sponsored economic development program before | ||
| the earlier of: | ||
| (1) the date 100 percent of certified capital is | ||
| invested by the company; or | ||
| (2) December 31, 2016. | ||
| SECTION 2. Effective December 31, 2016, Chapter 228, | ||
| Insurance Code, is repealed. | ||
| SECTION 3. The repeal by this Act of Chapter 228, Insurance | ||
| Code, does not affect premium tax credits for certified capital | ||
| invested under that chapter before the effective date of the repeal | ||
| and the recapture of those credits. Premium tax credits for | ||
| certified capital invested before the effective date of the repeal | ||
| and the recapture of those credits are governed by the law as it | ||
| existed immediately before that date, and that law is continued in | ||
| effect for that purpose. | ||
| SECTION 4. Except as otherwise provided by this Act, this | ||
| Act takes effect September 1, 2015. | ||
