By: King of Hemphill (Senate Sponsor - Patrick) H.B. No. 2972
(In the Senate - Received from the House May 10, 2013;
May 10, 2013, read first time and referred to Committee on Finance;
May 21, 2013, reported favorably by the following vote:
Yeas 11, Nays 0; May 21, 2013, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to exempting premiums for certain insurance covering
stored or in-transit baled cotton from surplus lines insurance
premium 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 under ocean marine
insurance coverage of stored or in-transit baled cotton for export
are not subject to the tax imposed by this chapter.
SECTION 2. 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 3. This Act takes effect January 1, 2014.
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