| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: King of Hemphill (Senate Sponsor - Patrick) H.B. No. 2972 | |
| 2 | 2 | (In the Senate - Received from the House May 10, 2013; | |
| 3 | 3 | May 10, 2013, read first time and referred to Committee on Finance; | |
| 4 | 4 | May 21, 2013, reported favorably by the following vote: | |
| 5 | 5 | Yeas 11, Nays 0; May 21, 2013, sent to printer.) | |
| 6 | 6 | ||
| 7 | 7 | ||
| 8 | 8 | A BILL TO BE ENTITLED | |
| 9 | 9 | AN ACT | |
| 10 | 10 | relating to exempting premiums for certain insurance covering | |
| 11 | 11 | stored or in-transit baled cotton from surplus lines insurance | |
| 12 | 12 | premium taxes. | |
| 13 | 13 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 14 | 14 | SECTION 1. Section 225.004, Insurance Code, is amended by | |
| 15 | 15 | adding Subsection (g) to read as follows: | |
| 16 | 16 | (g) Premiums on risks or exposures under ocean marine | |
| 17 | 17 | insurance coverage of stored or in-transit baled cotton for export | |
| 18 | 18 | are not subject to the tax imposed by this chapter. | |
| 19 | 19 | SECTION 2. The change in law made by this Act does not | |
| 20 | 20 | affect tax liability accruing before the effective date of this | |
| 21 | 21 | Act. That liability continues in effect as if this Act had not been | |
| 22 | 22 | enacted, and the former law is continued in effect for the | |
| 23 | 23 | collection of taxes due and for civil and criminal enforcement of | |
| 24 | 24 | the liability for those taxes. | |
| 25 | 25 | SECTION 3. This Act takes effect January 1, 2014. | |
| 26 | 26 | * * * * * |