83R9339 SCL-F
By: King of Hemphill H.B. No. 2972
A BILL TO BE ENTITLED
AN ACT
relating to exempting premiums for policies covering stored or
in-transit baled cotton from certain taxes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 225.004, Insurance Code, is amended by
adding Subsection (g) to read as follows:
(g) Premiums on risks or exposures on policies covering
stored or in-transit baled cotton for export are not subject to the
tax imposed by this chapter.
SECTION 2. Section 226.003(g), Insurance Code, is amended
to read as follows:
(g) The following premiums are not subject to the tax
imposed by this subchapter:
(1) premiums on insurance procured by a licensed
surplus lines agent from an eligible surplus lines insurer as
defined by Chapter 981 on which premium tax is paid in accordance
with Chapter 225;
(2) premiums on an independently procured contract of
insurance on which premium tax is paid in accordance with
Subchapter B; [and]
(3) premiums on a contract of insurance written by an
insurer that holds a certificate of authority in this state and that
is authorized to write the contract; and
(4) premiums on risks or exposures on policies
covering stored or in-transit baled cotton for export.
SECTION 3. Section 226.053, Insurance Code, is amended by
adding Subsection (e) to read as follows:
(e) Premiums on risks or exposures on policies covering
stored or in-transit baled cotton for export are not subject to the
tax imposed by this subchapter.
SECTION 4. The change in law made by this Act does not
affect tax liability accruing before the effective date of this
Act. That liability continues in effect as if this Act had not been
enacted, and the former law is continued in effect for the
collection of taxes due and for civil and criminal enforcement of
the liability for those taxes.
SECTION 5. This Act takes effect January 1, 2014.