82R16990 TJS-D
By: Murphy H.B. No. 2580
Substitute the following for H.B. No. 2580:
By: Murphy C.S.H.B. No. 2580
A BILL TO BE ENTITLED
AN ACT
relating to certain investments by insurance companies and related
organizations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 228.001, Insurance Code, is amended by
amending Subdivision (7-b) and adding Subdivision (7-c) to read as
follows:
(7-b) "Program Two" means the program for allocation
and investment of certified capital under this chapter on or after
January 1, 2007, and before January 1, 2011.
(7-c) "Program Three" means the program for allocation
and investment of certified capital under this chapter on or after
January 1, 2011.
SECTION 2. Section 228.251, Insurance Code, is amended by
adding Subsection (d) to read as follows:
(d) With respect to credits earned as a result of
investments made under Program Three, beginning with the tax report
due March 1, 2017, for the 2016 tax year, a certified investor may
take up to 25 percent of the vested premium tax credit in any
taxable year of the certified investor. The credit may not be
applied to estimated payments due in 2016.
SECTION 3. Section 228.253(b), Insurance Code, is amended
to read as follows:
(b) The certified capital company must have filed the claim
with the comptroller on the date on which the comptroller accepted
premium tax credit allocation claims on behalf of certified
investors with respect to Program One, [or] Program Two, or Program
Three, as applicable, under the comptroller's rules.
SECTION 4. Section 228.254, Insurance Code, is amended to
read as follows:
Sec. 228.254. TOTAL LIMIT ON PREMIUM TAX CREDITS. (a) The
total amount of certified capital for which premium tax credits may
be allowed under this chapter for all years in which premium tax
credits are allowed is:
(1) $200 million for Program One; [and]
(2) $200 million for Program Two; and
(3) $200 million for Program Three.
(b) The total amount of certified capital for which premium
tax credits may be allowed for all certified investors under this
chapter may not exceed the amount that would entitle all certified
investors in certified capital companies to take total credits of
$50 million in a year with respect to Program One, [and] $50 million
in a year with respect to Program Two, and $50 million in a year with
respect to Program Three.
(c) A certified capital company and the company's
affiliates may not file premium tax credit allocation claims with
respect to Program One, [or] Program Two, or Program Three, as
applicable, in excess of the maximum amount of certified capital
for which premium tax credits may be allowed for that program as
provided by this section.
SECTION 5. Section 228.255, Insurance Code, is amended to
read as follows:
Sec. 228.255. ALLOCATION OF PREMIUM TAX CREDIT. (a) If the
total premium tax credits claimed by all certified investors with
respect to Program One, [or] Program Two, or Program Three, as
applicable, exceeds the total limits on premium tax credits
established for that program by Section 228.254(a), the comptroller
shall allocate the total amount of premium tax credits allowed
under this chapter to certified investors in certified capital
companies on a pro rata basis in accordance with this section.
(b) The pro rata allocation for each certified investor
shall be the product of:
(1) a fraction, the numerator of which is the amount of
the premium tax credit allocation claim filed on behalf of the
investor with respect to Program One, [or] Program Two, or Program
Three, as applicable, and the denominator of which is the total
amount of all premium tax credit allocation claims filed on behalf
of all certified investors with respect to that program; and
(2) the total amount of certified capital for which
premium tax credits may be allowed with respect to that program
under this chapter.
(c) The maximum amount of certified capital for which
premium tax credit allocation may be allowed on behalf of a single
certified investor and the investor's affiliates with respect to
Program One, [or] Program Two, or Program Three, as applicable,
whether by one or more certified capital companies, may not exceed
the greater of:
(1) $10 million; or
(2) 15 percent of the maximum aggregate amount
available with respect to that program under Section 228.254(a).
SECTION 6. This Act takes effect September 1, 2011.