Texas 2011 - 82nd Regular

Texas House Bill HB2580 Compare Versions

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1	1	82R16990 TJS-D
2	2	By: Murphy H.B. No. 2580
3	3	Substitute the following for H.B. No. 2580:
4	4	By: Murphy C.S.H.B. No. 2580
5	5
6	6
7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to certain investments by insurance companies and related
10	10	organizations.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Section 228.001, Insurance Code, is amended by
13	13	amending Subdivision (7-b) and adding Subdivision (7-c) to read as
14	14	follows:
15	15	(7-b) "Program Two" means the program for allocation
16	16	and investment of certified capital under this chapter on or after
17	17	January 1, 2007, and before January 1, 2011.
18	18	(7-c) "Program Three" means the program for allocation
19	19	and investment of certified capital under this chapter on or after
20	20	January 1, 2011.
21	21	SECTION 2. Section 228.251, Insurance Code, is amended by
22	22	adding Subsection (d) to read as follows:
23	23	(d) With respect to credits earned as a result of
24	24	investments made under Program Three, beginning with the tax report
25	25	due March 1, 2017, for the 2016 tax year, a certified investor may
26	26	take up to 25 percent of the vested premium tax credit in any
27	27	taxable year of the certified investor. The credit may not be
28	28	applied to estimated payments due in 2016.
29	29	SECTION 3. Section 228.253(b), Insurance Code, is amended
30	30	to read as follows:
31	31	(b) The certified capital company must have filed the claim
32	32	with the comptroller on the date on which the comptroller accepted
33	33	premium tax credit allocation claims on behalf of certified
34	34	investors with respect to Program One, [or] Program Two, or Program
35	35	Three, as applicable, under the comptroller's rules.
36	36	SECTION 4. Section 228.254, Insurance Code, is amended to
37	37	read as follows:
38	38	Sec. 228.254. TOTAL LIMIT ON PREMIUM TAX CREDITS. (a) The
39	39	total amount of certified capital for which premium tax credits may
40	40	be allowed under this chapter for all years in which premium tax
41	41	credits are allowed is:
42	42	(1) $200 million for Program One; [and]
43	43	(2) $200 million for Program Two; and
44	44	(3) $200 million for Program Three.
45	45	(b) The total amount of certified capital for which premium
46	46	tax credits may be allowed for all certified investors under this
47	47	chapter may not exceed the amount that would entitle all certified
48	48	investors in certified capital companies to take total credits of
49	49	$50 million in a year with respect to Program One, [and] $50 million
50	50	in a year with respect to Program Two, and $50 million in a year with
51	51	respect to Program Three.
52	52	(c) A certified capital company and the company's
53	53	affiliates may not file premium tax credit allocation claims with
54	54	respect to Program One, [or] Program Two, or Program Three, as
55	55	applicable, in excess of the maximum amount of certified capital
56	56	for which premium tax credits may be allowed for that program as
57	57	provided by this section.
58	58	SECTION 5. Section 228.255, Insurance Code, is amended to
59	59	read as follows:
60	60	Sec. 228.255. ALLOCATION OF PREMIUM TAX CREDIT. (a) If the
61	61	total premium tax credits claimed by all certified investors with
62	62	respect to Program One, [or] Program Two, or Program Three, as
63	63	applicable, exceeds the total limits on premium tax credits
64	64	established for that program by Section 228.254(a), the comptroller
65	65	shall allocate the total amount of premium tax credits allowed
66	66	under this chapter to certified investors in certified capital
67	67	companies on a pro rata basis in accordance with this section.
68	68	(b) The pro rata allocation for each certified investor
69	69	shall be the product of:
70	70	(1) a fraction, the numerator of which is the amount of
71	71	the premium tax credit allocation claim filed on behalf of the
72	72	investor with respect to Program One, [or] Program Two, or Program
73	73	Three, as applicable, and the denominator of which is the total
74	74	amount of all premium tax credit allocation claims filed on behalf
75	75	of all certified investors with respect to that program; and
76	76	(2) the total amount of certified capital for which
77	77	premium tax credits may be allowed with respect to that program
78	78	under this chapter.
79	79	(c) The maximum amount of certified capital for which
80	80	premium tax credit allocation may be allowed on behalf of a single
81	81	certified investor and the investor's affiliates with respect to
82	82	Program One, [or] Program Two, or Program Three, as applicable,
83	83	whether by one or more certified capital companies, may not exceed
84	84	the greater of:
85	85	(1) $10 million; or
86	86	(2) 15 percent of the maximum aggregate amount
87	87	available with respect to that program under Section 228.254(a).
88	88	SECTION 6. This Act takes effect September 1, 2011.